GBP/USD Climbs Another 100 Pips Reaches $1.2800 'Target' Zone!

<p>&nbsp;The slow flat price movement last Tuesday changed its pattern on Wednesday yesterday on the chart of the GBP/USD currency pair.</p><p><br /></p><p>At first a slow decline took place in the European session to the level of 1.27000, but the price reaction took place as soon as the price touched that level.</p><p><br /></p><p>The price then jumped 100 pips to reach the target zone of 1.28000 in the New York session yesterday.</p><p><br /></p><p>The situation is driven by the constant depreciation of the US dollar following the movement in last week's trading.</p><p><br /></p><p>The pound managed to strengthen against the US dollar to a fresh 4-month high after yesterday's rise surpassed the highs reached in the previous week.</p><p><br /></p><p>The price movement on the GBP/USD chart remains bullish which is above the Moving Average 50 (MA50) support level on the 1-hour time frame which was also tested yesterday.</p><p><br /></p><p>After slowing down at the close of the New York session, the price remained hovering in the 1.28000 height zone in Asian session trading this morning (Thursday).</p><p><br /></p><p><br /></p><p>With yesterday's surge pattern, the price is seen to continue to rise higher today with the target focused on the height of 1.29000.</p><p><br /></p><p>Reaching that level would mark the latest 5-month high after prices broke record highs in July trading.</p><p><br /></p><p>Investors will be alert if there is a change in the situation in the direction of movement during the price heading down again.</p><p><br /></p><p>The price drop is likely to return to the 1.27000 level which is a support for yesterday's price.</p><p><br /></p><p>A drop lower at that level will be a warning sign for a change in the bearish trend, with the previous target levels being focused on again.</p>