GBP/USD Reversing Heading Back To $1.2200 Level!

<p>&nbsp;Investors identified a change in the price trend on the chart of the GBP/USD currency pair on Thursday yesterday after the bearish pattern from earlier in the week did not continue.</p><p><br /></p><p>In addition to the usual profit-taking activities at the end of the month and quarter, investors are also now wary of the risk of a 'government shutdown' in the United States (US).</p><p><br /></p><p>At the New York session yesterday published the final reading for US economic growth for the second quarter.</p><p><br /></p><p>The reading remained at 2.1%, missing forecasts for an increase of 2.2% and adding pressure to the current movement of the US dollar.</p><p><br /></p><p><br /></p><p><br /></p><p>The price drop on the GBP/USD chart which almost reached the 1.21000 level last Wednesday saw a different pattern on Thursday yesterday when the price bounced back to the 1.22000 focus level again.</p><p><br /></p><p>The price movement was flat in the 1.22000 zone in the Asian session this morning (Friday), but the increase that has passed the Moving Average 50 (MA50) barrier on the 1-hour time frame on the chart signals a change in the bullish trend.</p><p><br /></p><p><br /></p><p>So, a higher rise will be expected to continue towards the previous concentration level which is around 1.23000.</p><p><br /></p><p>If the momentum remains strong, continued gains could reach up to the 1.24000 zone again.</p><p><br /></p><p>On the other hand, if yesterday's rebound is short-lived, the price is likely to fail to hold on to the 1.22000 level and experience a further decline.</p><p><br /></p><p>Falling below the MA50 level will expect the 1.21000 zone to be tested and the price reaction around that will be observed.</p><p><br /></p><p>If it breaks lower, the price will record the latest low with the next target moving to around 1.2000.</p>