The price chart of the GBP/USD currency pair showed a flat movement for the early opening of the week yesterday, not continuing the downward pattern of the previous week.
The lack of focused economic data makes it difficult for prices to show the direction of movement more clearly.
The US dollar in the New York session yesterday moved weakly, failing to continue strengthening like the previous week.
However, analysts expect the current situation is likely to be just a price correction and the US dollar still has the potential to strengthen again.
In trading until the last session last week, the price on the GBP/USD chart has made a decline to reach the 1.26000 level.
The level is seen as support while making the price with the rebound of the price displayed on Monday's trading yesterday approaching the 1.27000 level.
Although the 1.27000 level is still breached until trading continues into the Asian session and the beginning of the European session today (Tuesday), the price movement that is already above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart gives early signal of trend change.
The price rally needs to break through the 1.27000 resistance before convincing investors to continue further climbing.
If the rise continues, the price will reach the concentration levels of the previous trades such as 1.28000 and 1.29000.
However, if on the contrary the price drops back down, the 1.26000 support level will be the target to be tested again.
A break lower will push the price to record a new low with the target moving to the next concentration level around 1.25000.
