GBP/USD Shows Up Above Last Week's Level

<p>&nbsp;Once again a change in price direction occurred on the chart of the GBP/USD currency pair where the price increase was exhibited during yesterday's Wednesday trading.</p><p><br /></p><p>In the previous day, the price showed a decline up to the concentration zone of 1.27000.</p><p><br /></p><p>After observing the price reaction in the zone, the price was tested several times before it rose again after failing to break through lower.</p><p><br /></p><p>With the uncertain market environment ahead of the United States (US) inflation report, the US dollar weakened again in the market, causing the price increase to occur.</p><p><br /></p><p>The price increase in yesterday's New York session has crossed the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the GBP/USD chart, giving early suggestions for a resumption of the bullish trend.</p><p><br /></p><p>Continuing trading in the Asian session this morning (Thursday), the price that opened at around 1.27300 has continued to rise to the height of 1.27700.</p><p><br /></p><p>Seen the highs reached last Friday and earlier this week were retested and prices have the potential to extend higher.</p><p><br /></p><p><br /></p><p>If it continues, the 1.28000 zone will be the price target and investors will watch the reaction in that important zone for an indication of the direction of further movement.</p><p><br /></p><p>The latest price high can be targeted up to around 1.29000.</p><p><br /></p><p>However, if the price goes down again, the 1.27000 level will be approached again which previously served as a support for the price.</p><p><br /></p><p>If it breaks down, a bearish price pattern will be displayed and it is expected to move towards the concentration zone at 1.26000.</p>