GBP/USD Still Bullish? The price first fell before rebounding

<p>&nbsp;The price chart of the GBP/USD currency pair on Tuesday yesterday showed interesting price volatility driven by the market's reaction to the published United States (US) economic data.</p><p><br /></p><p>US housing data posted good readings, but US consumer confidence and JOLTS employment data were disappointing.</p><p><br /></p><p>The US dollar, which showed early strengthening in the European session, lost ground in the following session when it showed a more significant decline, erasing previous gains.</p><p><br /></p><p><br /></p><p><br /></p><p>On the GBP/USD chart, the price has dipped below the 1.26000 level to reach around 1.25700 before bouncing back 90 pips.</p><p><br /></p><p>Reaching a high at 1.26500, the price remains showing a signal for a bullish move above the Moving Average 50 (MA50) support level on the 1-hour time frame of the chart.</p><p><br /></p><p>The market will also watch the ADP employment data in the New York session tonight which will be published along with the US economic growth (GDP) data for the second quarter of 2023.</p><p><br /></p><p><br /></p><p>These two data are important indicators for the Federal Reserve (Fed) to set monetary policy at the September meeting.</p><p><br /></p><p>For the expectation that the price increase will continue, the 1.27000 level will again become the target for the price.</p><p><br /></p><p>Next, the resistance zone at 1.28000 which is higher will be the next focus if the bullish price movement is successfully maintained.</p><p><br /></p><p>On the other hand, if the price returns to decline, the price reaction at the 1.26000 level and the MA50 support will be an indication for further movement.</p><p><br /></p><p>If it breaks down, the price risks falling to the 1.25000 support zone and record the latest 11-week low.</p>