The GBP/USD currency pair chart again displayed a bullish price pattern at the opening of trading early yesterday, reversing the downward movement at the close of last week.
Investors were surprised when expectations for the US dollar to strengthen at the beginning of the week were missed, seeing the currency weaken significantly starting in the European session until the New York session yesterday.
The price, which leveled off slowly at 1.26000 in the Asian session yesterday morning, then showed a strong surge in the following session.
The price increase broke through the Moving Average 50 (MA50) barrier line on the 1-hour timeframe on the GBP/USD chart, which triggered a signal of a change in the bullish movement for the price.
Around 140 pips of daily increase were recorded, which retested the resistance zone of 1.27000 reached last week.
However, as before, the price increase stalled as soon as it reached that area and the movement began to slow down until continuing into the Asian session this morning (Tuesday).
If the price is still able to continue rising to maintain yesterday's momentum, a new 12-week high will be recorded.
The next target for the price is towards the resistance zone of last December, which is around 1.28000.
However, if the price fails to overcome 1.27000, the price decline could occur again like the price movement situation at the end of last February.
The price could reach 1.26000 or lower with a signal for a bearish price movement again.
