GBP/USD Lost Back, But Hasn't Broken The $1.2700 Support

<p>&nbsp;The pound ended last week's trading on a dismal note as investors assessed the key economic data released as clues to the central bank's monetary base going forward.</p><p><br /></p><p>While the average salary data was published rather encouragingly, the pound saw a positive movement so that the UK inflation data was given a peek.</p><p><br /></p><p>After the published UK retail sales data slumped at the end of the week, the pound returned to its previous losses.</p><p><br /></p><p><br /></p><p><br /></p><p>You can watch the price movement shown on the chart for the GBP/USD currency pair last week, with the price falling to the level of 1.27000.</p><p><br /></p><p>Prior to that, the price increase had managed to reach a high of around 1.27870 but failed before touching the 1.28000 level.</p><p><br /></p><p>After falling to the initial level of 1.27000, the price bounced again seeing that the level was still successful in curbing the fall lower.</p><p><br /></p><p><br /></p><p>Closing trades in the last session around 1.27300, prices slowly continued to open the Asian session earlier this week around that level.</p><p><br /></p><p>If the price's initial decline holds, the support level at 1.27000 will be tested again this week and price reaction will hint at further moves.</p><p><br /></p><p>If it breaks lower, the price will head to the next support zone at 1.26000 after being tested several times before but it hasn't been penetrated yet.</p><p><br /></p><p>Conversely, if the price increases again, it is possible that last week's high level will be overcome by the price.</p><p><br /></p><p>The 1.28000 zone will be tested and in case the price manages to continue its advance higher, the next target will be at 1.29000 to reach it.</p>