Investors’ expectations to see a price increase on the GBP/USD currency pair chart were not met when the price declined at the opening of the early week yesterday.
The price increase from the 1.25000 zone stopped at the 1.26000 zone which was the current resistance for the price at the end of last week’s trading.
However, the price did not continue the upward trend, instead moving down again towards 1.25000.
The US dollar moved well on Monday, but the United States (US) economic data published with gloomy readings in the New York session yesterday was seen to limit further strengthening.
The price slowed down around 1.25300 at the close of the session and remained flat throughout the Asian session this morning (Tuesday).
Analysts expect this slow price movement to continue on Wednesday tomorrow during the Christmas celebration.
There is no doubt that the trading risk is very high towards the end of 2024 due to the high market volatility factor.
For the expected price increase if it occurs on this GBP/USD chart, the resistance at 1.26000 is the closest for the price to be tested.
Successfully passing this level will expect the increase to continue towards the target at the 1.27000 zone.
However, if the price plunges below the 1.25000 zone, the price risks recording a new 7-month low.
The latest target is towards the next focus zone around 1.24000.
