Almost 200 pips of price increase has been recorded on the GB/USD currency pair chart since the opening of trading at the beginning of the week.
From the 1.34000 price level starting in the Asian session on Monday, the price increase continued until the Asian session this Thursday morning reaching a height of 1.35800.
The Pound currency maintained a good performance for several days while the US dollar experienced a depreciation in the market.
The market focus will shift to the manufacturing and services PMI data for the UK and the US which will be published in the European and New York sessions shortly.
The data reading for July will influence the movement of both the Pound and the US dollar.
For now, the price movement is still showing a bullish signal by being above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart.
As expected from the beginning of the week, the resistance zone of 1.36000 will be tested to see if the price is able to break through it.
If successful, higher increases will continue on the bullish price movement with the target to head towards around 1.37000.
On the other hand, if the price fails to pass the 1.36000 resistance and retreats back down, investors will watch for signs of a change in direction.
A decline below the MA50 support line and then breaking through 1.35000 will signal a downward price decline.
The 1.34000 support zone will be broken again and tested again as in last week's trading.
