GBP/USD Analysis – Price's Weak Bounce Ends Around $1.2200

<p>&nbsp;Although the US dollar was seen losing momentum in trading towards the end of last week, the Pound currency failed to stand out due to the absence of factors that could support it.</p><p><br /></p><p>At the close of the last session last week, the slightly recovered US dollar again put pressure on the Pound.</p><p><br /></p><p>The lack of UK economic data to be published this week is further weighing on the Pound as markets remain bearish after the Bank of England (BOE) has begun to end a series of interest rate hikes.</p><p><br /></p><p>On the chart of the GBP/USD currency pair, the price showed a rebound at the end of last week with the absence reached around 1.22700 on Friday.</p><p><br /></p><p>But the price has retreated back down to the 1.22000 zone at the close of the last session making investors more alert for the next indication to resume trading in October.</p><p><br /></p><p>Early trading this week started slowly below the 1.22000 zone and the price was seen moving below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the GBP/USD chart, becoming a bearish indicator.</p><p><br /></p><p><br /></p><p>If a decline is displayed, the price is expected to head towards the 1.21000 support zone to test it.</p><p><br /></p><p>Breaking through the important zone, the latest low will be recorded by resuming the previous bearish trend. The next target is at 1.2000.</p><p><br /></p><p>If the price rebounds again, passing the 1.22000 zone will expect the high level reached last week to try to overcome.</p><p><br /></p><p>Then the resistance zone at 1.23000 awaits to be tested as investors look for more clear trend change signals.</p>