The target was successfully achieved with the price increase on the GBP/USD currency pair chart touching the 1.35000 level.
The US dollar turned out to be weak at the opening early yesterday after investors examined several signs of a change in direction last week.
Starting the slow trading of the Asian session yesterday above the 1.34000 zone, the price then managed to make an increase in the following sessions with a daily increase of 100 pips recorded.
However, after testing the resistance, the momentum seemed to be lost and the price was seen to be flat below it until the New York session ended.
Resuming trading at the opening of the Asian session this morning (Tuesday), the price was still slow below 1.35000 and showed a weak decline until reaching around 1.34700 at the opening of the European session.
The price movement which is still above the Moving Average 50 (MA50) support line on the 1-hour time frame on the GBP/USD chart continues to suggest a continuation of the increase.
For a higher rise, the price must first break through the resistance at 1.35000 which is the current barrier.
If successful, the target will shift to the 1.36000 zone which has been the focus of early July trading.
On the other hand, if the price continues to decline and drops below the MA50 line, it will likely be an early signal to investors for the bearish pattern to resume.
The 1.34000 zone will be broken again and the price reaction will be observed as in the situation last week.
