GBP/USD Has Passed $1.2700, Where Is The Price Going?

<p>&nbsp;The pound took advantage of the opportunity to strengthen slightly against the US dollar, which was still gloomy in Tuesday's trade yesterday following the close of the United States (US) market.</p><p><br /></p><p>But the increase is not very significant with a daily increase of around 50 pips only displayed on the movement on the chart of the GBP/USD currency pair yesterday.</p><p><br /></p><p>Investors are now cautiously awaiting the minutes of the FOMC meeting published early Thursday morning alongside some important US economic data in the New York session tomorrow before the focus shifts to the US NFP jobs report at the end of the week.</p><p><br /></p><p><br /></p><p><br /></p><p>The price movement on the GBP/USD chart still gives a bullish signal with the price crossing above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the chart.</p><p><br /></p><p>The price that rose yesterday has successfully crossed the 1.27000 level and reached a height of around 1.27400 after slightly surpassing the level reached at the end of last week.</p><p><br /></p><p>However, closing the trading session of New York, the price gradually fell back to the level of 1.27000 and the price leveled slowly above that level in the early trading of the Asian session this morning (Wednesday).</p><p><br /></p><p><br /></p><p>If the bullish pattern is still displayed today, yesterday's high level is likely to be overcome before the price registers a new high level.</p><p><br /></p><p>The target is to reach the height of 1.28400 which is the price resistance tested in the previous weeks.</p><p><br /></p><p>If the price manages to rise past that level, the price will record the highest level since April 2022.</p><p><br /></p><p>However, if the price instead plunges, the price that moves below 1.27000 is seen to return to the support level at 1.26000.</p><p><br /></p><p>If the price breaks below 1.26000, the price will extend the decline to the level of 1.25000 which is the previous price concentration level.</p>