The bullish pattern was again displayed on the GBP/USD currency pair chart yesterday, Wednesday.
The price appears to have bounced off the 1.35000 level which is the current support for the price when the previous day's decline failed to continue to a lower level.
The price increase was driven by the depreciation of the US dollar which was influenced by the publication of weak United States (US) economic data published in the New York session yesterday.
The price moving above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart gave an early signal to continue the previous bullish trend.
However, the price increase only reached around 1.35800 in the New York session yesterday before retreating slightly towards the end of the session.
The price has still not surpassed the record on May 26 with a height of 1.35900 which is the highest record in 3 years.
If the price increase continues after this, the resistance zone of 1.36000 is expected to be surpassed.
Next, the price will record a new record high with the target shifting to the height of 1.37000.
However, if the price fails to show an increase and instead changes direction again at the end of the week, the price drop will retest the current support level of 1.35000.
A dip below that level will show a clearer signal of bearish price movement that risks reaching up to 1.34000 again.
