GBP/USD No Direction, Market Awaits BOE & FOMC Meeting

<p>&nbsp;The price chart of the GBP/USD currency pair will continue to be traded at risk with high-impact data for the Pound and the US dollar being the focus of investors.</p><p><br /></p><p>On Tuesday yesterday, UK employment data was the focus of the European session. With a somewhat mixed reading of the component, it appears to fail to support the increase in the value of the Pound.</p><p><br /></p><p>While the price movement increased in the New York session when the inflation data of the United States (US) was published in line with the forecast of slightly lower figures.</p><p><br /></p><p>The US dollar weakened as soon as the data was published, but recovered again putting pressure on the Pound in the session.</p><p><br /></p><p>As can be seen on the GBP/USD chart, the price surged up testing the resistance level at 1.26000 before the price plunged back towards the 1.25000 level but failed to touch it.</p><p><br /></p><p>The price remains hovering between the 1.26000 and 1.25000 range with investors still awaiting the next indication for a clearer price direction.</p><p><br /></p><p>Prices that also move near the Moving Average 50 (MA50) line on the 1-hour timeframe on the GBP/USD chart are watched by investors to assess price trend changes.</p><p><br /></p><p>If the price moves up, the resistance at 1.26000 will again be tested to be broken and give a bullish signal.</p><p><br /></p><p><br /></p><p>The continued price increase will return to the previous concentration resistance zone at the height of 1.27000.</p><p><br /></p><p>On the other hand, if the price is pressed to fall down, the 1.25000 level as support during the price will continue to be pressed.</p><p><br /></p><p>If the level ultimately fails to prevent the price from falling, the price that breaks through lower will continue the previous bearish trend movement.</p><p><br /></p><p>The next downside target is seen around 1.24000 to record a recent 4-week low.</p><p><br /></p><p>Investors will be more cautious for both the US dollar and the Pound this week ahead of the Bank of England (BOE) and FOMC policy meetings.</p>