Eh, is this a sign that the price is about to change the trend on the GBP/USD chart?

<p>&nbsp;Investors saw signs of a change in price direction on the chart of the GBP/USD currency pair on Tuesday yesterday after 7 days of bearish patterns.</p><p><br /></p><p>After the end of last week continued into the beginning of this week the pace of decline slowed down, the price started to show a surge in trading in the New York session yesterday.</p><p><br /></p><p>No strong factors are seen to support the strengthening of the Pound where the price increase is more driven by the gloom of the US dollar currency which has previously strengthened.</p><p><br /></p><p>The current market sentiment that is recovering is a factor limiting the strengthening of the US dollar with the news from China that it is reported that it will implement economic stimulus measures.</p><p><br /></p><p>In addition, the positive earnings reports of the world's giant companies and the increased projections by the IMF on global growth also support the current risk-on sentiment factor.</p><p><br /></p><p><br /></p><p><br /></p><p>If observed on the GBP/USD chart yesterday, the price has managed to increase to reach the level of 1.29000 which again becomes a resistance for the price.</p><p><br /></p><p>The rise that has crossed the Moving Average 50 (MA50) barrier on the 1-hour time frame of the GBP/USD chart also triggered the initial signal of a change to a bullish trend.</p><p><br /></p><p><br /></p><p>If the price increase continues today past 1.29000, the price will continue to rise towards the concentration level of 1.30000 with the price reaction around that will be observed.</p><p><br /></p><p>A higher move could reach back to the 1.31000 level which was the price plunge zone starting last week.</p><p><br /></p><p>However, if the price starts to turn to the downside again, the price is likely to break past the MA50 support and test the current support level at 1.28000.</p><p><br /></p><p>Further declines are expected to reach the concentration level in early July trading at 1.27000.</p><p><br /></p><p>The clear direction of price movement will be known after the results of the FOMC meeting early this morning.</p>