As Expected, GBP/USD Rises Above Last Week's Level!

<p>&nbsp;In line with market analysts' forecasts, the price on the chart of the GBP/USD currency pair maintained a bullish pattern at the opening of trading at the beginning of the week yesterday.</p><p><br /></p><p>In fact, the price has managed to overcome the high level reached last week and continues to record the latest high level today (Tuesday).</p><p><br /></p><p>Analysts maintain expectations for continued depreciation of the US dollar in the absence of recent factors that could support the recovery of the currency king.</p><p><br /></p><p>The situation is likely to remain until the last meeting of the Federal Reserve (Fed) in December.</p><p><br /></p><p>There is no change in the price movement trend signal on the GBP/USD chart which is still bullish when it continues to be above the Moving Average 50 (MA50) support level on the 1st time frame.</p><p><br /></p><p>Around 30 pips of increase continued in the Asian session this morning from the level of 1.25000 which has been successfully crossed for the price to continue hunting for a new high level for the 2 month trading period.</p><p><br /></p><p><br /></p><p>Next, the closest price target is to test the level of 1.26000 before the next focus will be directed at the height zone of 1.27000.</p><p><br /></p><p>Be alert if the price starts to dive below 1.25000 and get an early warning for a different price movement pattern after that.</p><p><br /></p><p>A break below the MA50 support level would be an indication of an impending trend reversal before testing last week's end-of-week price support zone at 1.24000.</p><p><br /></p><p>A further fall in prices will be witnessed if there are recent factors that encourage the re-strengthening of the US dollar or a significant depreciation of the Pound in the market.</p>