The price increase on the GBP/USD currency pair chart at the beginning of last week stalled on Tuesday's movement as investors were cautious ahead of important economic data to be published.
The price moved sideways throughout yesterday at the 1.34000 level which became a resistance zone for the price after the increase at the beginning of the week managed to slightly surpass it.
The US dollar traded weakly at the beginning of the week, but started to level off and did not show a significant reaction even though the JOLTS employment data came with a declining reading in the New York session yesterday.
The situation may be different in the New York session tonight with the focus on the ADP employment data, the US Gross Domestic Product (GDP) data for the first quarter of 2025 and the PCE price index.
Slow price trading continued into the Asian session this morning, remaining around the 1.34000 level and starting to test the Moving Average 50 (MA50) support line on the 1-hour timeframe on the GBP/USD chart.
If the price is able to continue the upward trend as at the beginning of the week, from the 1.34000 zone, the price will record a new 3-year high after surpassing last week's trading level.
The target for the next price increase is to head towards the 1.35000 high which is seen as the new focus zone.
However, if the price that is flat at 1.34000 then plunges after this, the price support zone at 1.33000 will be tested to curb the fall lower.
If the price fails to bounce back up, a clearer bearish signal will be given for the price to push pressure lower towards the previous focus zone at 1.32000.
