When the price moves flat, it is a sign that traders should be careful!
The rise in price on the GBP/USD currency pair chart last week stalled at the 1.37000 zone, witnessing a flat price movement.
New indicators are awaited by the market to determine the direction of movement of both the Pound and the US dollar from the speeches of the Governor of the Bank of England (BOE) Andrew Bailey and the Chairman of the Federal Reserve (Fed) Jerome Powell.
Expectations for a price drop at the beginning of the week after the signal at the end of last week, were missed when there was a slow increase in the New York session yesterday.
Concerns about the United States (US) economy, which is currently under pressure, are back in the market focus and are pushing the US dollar to move weakly.
Moving back above the 1.37000 level again, the price also crossed the Moving Average 50 (MA50) line on the 1-hour time frame on the GBP/USD chart, indicating a continuation of last week's bullish pattern.
Last week's high of 1.37700 is a target to be overcome before reaching a new 3-year high.
The expectation for a new target is at 1.38000 if the Pound continues to successfully take advantage of the persistently weak US dollar.
Conversely, if the price retreats and drops below 1.37000, it will be an early sign of a bearish trend change.
The price is likely to make a decline towards the previous focus zone around 1.36000.
