Starting Point At $1.2700, GBP/USD Willing To Rush Up Or Down?

<p>&nbsp;The price chart of the GBP/USD currency pair saw the price still playing in the 1.27000 zone until yesterday's Wednesday trade.</p><p><br /></p><p>Moving in a range of around 40 pips, the price increase only at the level of 1.27350 is seen not to exceed the high level of the previous day (Tuesday).</p><p><br /></p><p>After the minutes of the FOMC meeting were published, the US dollar was seen regaining its strength to pull the price back down to the 1.27000 level.</p><p><br /></p><p>If the US dollar continues to dominate until the end of the week, the price risks falling to lower levels.</p><p><br /></p><p>Some important data from the United States (US) will be watched in the New York session later tonight including the ADP employment data as well as the US service sector survey.</p><p><br /></p><p>Next, the focus will be on the main data of the week, which is the US NFP employment data report in the New York session tomorrow (Friday).</p><p><br /></p><p><br /></p><p><br /></p><p>The Moving Average 50 (MA50) level on the 1-hour time frame on the GBP/USD chart will give an early signal for the direction of further price movement.</p><p><br /></p><p><br /></p><p>Continuing trading in the Asian session this morning, the price moved slowly below the MA50 level suggesting that a price decline is imminent.</p><p><br /></p><p>If the price continues to plunge from the 1.27000 level, the expected price decline will go back to last week's support level at 1.26000.</p><p><br /></p><p>If it breaks lower, the 1.25000 level is seen to be the next target for the price to record the latest 3-week low.</p><p><br /></p><p>However, if the situation changes and sees a surge, the price has the potential to go up to the resistance level reached in the previous weeks which is around 1.28400.</p><p><br /></p><p>If it breaks higher, the price will record its latest record high since April 2022 trading.</p>