The bullish pattern is still maintained on the GBP/USD currency pair chart with the price uptrend continuing for 2 consecutive weeks.
Supporting the situation is driven by the depreciation of the US dollar with expectations of a Federal Reserve (Fed) interest rate cut to be implemented at the September meeting.
The US employment and consumer inflation data are the main catalysts and investors will watch for follow-up indicators at the end of this week on the US producer inflation and retail sales data.
Although the UK economic data was not very encouraging, the Pound managed to maintain an excellent performance taking advantage of the gloomy situation of the US dollar.
After briefly declining at the beginning of the week to the 1.34000 level, the price resumed its climb higher by maintaining a bullish signal of movement above the Moving Average 50 (MA50) line on the 1-hour timeframe on the GBP/USD chart.
Continuing the rise from the 1.35000 level on Wednesday, the price has now approached the 1.36000 resistance zone which is the focus of the target.
The momentum is starting to slow down and investors are watching the price reaction at the important zone for further price direction clues.
With the tendency for the rise to continue, the price will pass the 1.36000 zone and then head towards a new high target of 1.37000.
This will make the highest price achievement for the 6-week trading period before the target shifts to 1.38000.
However, if the price fails to pass 1.36000 and retreats down, a trend change signal will begin to be observed.
The nearest level to be tested is seen at 1.35000 before the decline continues to around 1.34000.
