GBP/USD Clings to $1.27000, Could Climb Higher?

<p>&nbsp;Being a magnetic zone for prices, the $1.27000 zone remains an attraction on the price chart of the GBP/USD currency pair.</p><p><br /></p><p>Observing the movement at the opening of the early week yesterday, the price remained hovering below the 1.27000 zone after the surge exhibited at the previous week's close to that zone.</p><p><br /></p><p>The slow price movement is expected to continue today (Tuesday) as the American market is closed in conjunction with Independence Day.</p><p><br /></p><p>The US dollar moved weakly in the market yesterday after survey data for the United States (US) manufacturing sector recorded dismal figures for June.</p><p><br /></p><p>This is seen to slightly disturb the strengthening momentum of the US dollar in the past week which is getting weaker.</p><p><br /></p><p>If the US dollar continues to weaken, it will open up more room for the Pound to rise again.</p><p><br /></p><p>On the GBP/USD chart yesterday, the price that went down to around 1.26600 is still circulating above the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the chart showing a still bullish movement signal.</p><p><br /></p><p><br /></p><p>If the price manages to continue the increase with a surge past 1.27000, the bullish pattern is expected to continue for the price towards the high zone of the previous weeks.</p><p><br /></p><p>The target is the 1.28400 resistance zone to be tested after the zone was reached in last June's trade which was the current record high since April 2022.</p><p><br /></p><p>On the other hand, if the price plunges from the 1.27000 zone, the decline is seen to reach the support level at 1.26000 last week.</p><p><br /></p><p>The decline that continues to break through that level will lead to around 1.25000 to record the latest 3-week low.</p>