In the opening trade early in the week yesterday, it can be seen that the upward price pattern on the GBP/USD currency pair chart is still continuing to new highs.
After breaking through the 1.35000 level last Friday, the price made an increase in the Asian session yesterday, almost touching the high level at 1.36000.
However, the direction of price movement changed again in the European session, seeing the price slightly decrease to around 1.35500.
The price movement was flat at that level throughout the New York session yesterday with the American market also on holiday in conjunction with Memorial Day yesterday.
Analysts maintain expectations for the US dollar to move weakly with current factors that are putting pressure on the currency.
If it continues to weaken, other currencies in the market will continue to record an increase in value, including the Pound.
Price movement is still mixed entering trading on Tuesday, remaining above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart.
The price touching the MA50 line and bouncing back up at the opening of the European session shows a bullish signal for the current price, but investors are waiting for clearer movement.
If the price is able to make an increase, the resistance zone of 1.36000 will be exceeded before the price continues to record a new 3-year high.
The target will move to around 1.37000 if the bullish price pattern from last week is successfully maintained.
On the other hand, if the price falls again and also breaks through the MA50 support, investors should be alert to early warning of a trend change.
The 1.35000 level becomes the closest for the target price before clearer indications push the decline to around 1.34000.
