BOE & FOMC Meeting This Week Determines GBP/USD Fate!

<p>&nbsp;The price movement on the chart of the GBP/USD currency pair last Friday flattened above the 1.21000 zone following the US dollar's continued strengthening despite the good economic data from the United States (US) published that week.</p><p><br /></p><p>For the US dollar, investors will focus on the FOMC meeting early Thursday morning to examine further monetary policy by the Federal Reserve (Fed).</p><p><br /></p><p>At the end of the week, the US NFP employment data report is seen to drive the market movement at the close of the last session.</p><p><br /></p><p>For the Pound currency, investors await the results of the central bank of England (BOE) policy meeting on Thursday with interest rates expected to be maintained at 5.25%.</p><p><br /></p><p>The central bank's follow-up statement will be scrutinized for indications of monetary policy to be implemented thereafter.</p><p><br /></p><p>Price action on the horizontal GBP/USD chart started trading at the opening of the week around 1.21100 while hovering at the Moving Average 50 (MA50) line on the chart's 1-hour time frame.</p><p><br /></p><p><br /></p><p>If the price manages to push higher above last Friday's high, the price will head towards the 1.22000 level to test between the concentration levels of the previous weeks trading.</p><p><br /></p><p>If the level is successfully overcome, a higher price increase will target the resistance zone at 1.23000.</p><p><br /></p><p>However, if the price breaks below the 1.21000 level, this will be an early signal for a further decline towards the end of the week.</p><p><br /></p><p>Overcoming the level reached last Thursday around 1.20700, the price can then drop to around the 1.20500 zone or even lower at 1.2000.</p>