GBP/USD Breaks Another New Record, Price Approaches $1.2900 Level

<p>&nbsp;Still as lively as the reaction of the market movement at the end of last week, the price chart of the GBP/USD currency pair at the opening of yesterday's week showed price fluctuations in the range of 100 pips.</p><p><br /></p><p>Last Friday, the price jumped to a high of 1.28500, but in the Asian and European session yesterday (Monday), the price showed a decline again up to the level of 1.27500.</p><p><br /></p><p>The opening of the New York session witnessed the initial strengthening of the US dollar as Federal Reserve (Fed) officials still see interest rate hikes to continue at the FOMC meeting after this.</p><p><br /></p><p>However, the statement regarding the policy tightening cycle by the central bank that is coming to an end has caused the US dollar to shrink significantly again.</p><p><br /></p><p>The Pound currency in the European session is expected to be influenced by the UK employment data report which will give an impression of policy setting by the central bank.</p><p><br /></p><p><br /></p><p><br /></p><p>If observed, the price that initially fell tested the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the GBP/USD chart and again jumped up until it surpassed the height reached last Friday.</p><p><br /></p><p>The price that approached the height of 1.28700 at the close of the New York session is seen to continue its rise in the Asian session this morning, but with a slower momentum.</p><p><br /></p><p><br /></p><p>Hagra hovering around the 1.28800 level has become the latest record high since April 2022 after breaking the record last week.</p><p><br /></p><p>Now the price is seen to test the resistance zone at 1.29000 and it is not impossible to continue rising higher if the US dollar remains weak.</p><p><br /></p><p>The 1.30000 level can be reached for the latest record high with a continued bullish movement.</p><p><br /></p><p>Investors are cautiously waiting for the release of inflation data from the United States (US) which also has the potential to make prices experience a decline again.</p><p><br /></p><p>If that situation occurs, the price could drop back to yesterday's daily low of 1.27500 and signal a bearish trend reversal after moving below the MA50 support level.</p><p><br /></p><p>The price that continues the decline will return to the support zone of last week's concentration which is 1.27000 which will give an attractive price reaction for the next movement indicator.</p>