The bullish pattern on the GBP/USD currency pair chart began to be seen as limited due to changes in US dollar trading.
At the beginning of the week, the price increase was displayed beyond the 1.35000 level as the US dollar experienced a decline driven by renewed concerns that hit the market.
The issues in focus were the Russia-Ukraine war conflict and the US-China trade war tensions.
The market is still following further developments regarding these issues that affect current market sentiment.
The US dollar, however, did not continue to decline further when the JOLTS employment data published in the New York session yesterday came with a good reading for April, thus prompting a moderate recovery for the US dollar.
The price movement is flat above the 1.35000 level as current support, with several focus data to be observed towards the end of the week, especially the US NFP employment report.
The price hovering around the Moving Average 50 (MA50) line on the 1-hour time frame on the chart is also being watched by investors looking for clues on the direction of further movement.
If the price fails to hold above the 1.35000 level, a lower decline will trigger a bearish signal.
The price decline will re-approach the focus zone at 1.34000 which has been the focus of trading in previous weeks.
On the other hand, if the price manages to bounce, the resistance zone at 1.36000 will be the target to be tested like last week.
Breaking through this important zone will push the price to record a new high in the trading period of 3 years.
