GBP/USD Will Break New Record Highs Again This Week?

<p>&nbsp;The early trading opening of the week saw slow price movement on the chart of the GBP/USD currency pair after an exciting ride over the past week.</p><p><br /></p><p>The positive pound posted its latest high last week against the US dollar to its highest level since April as the currency king suffered a slump following the release of data.</p><p><br /></p><p>Ahead of next week's FOMC meeting, investors will be wary of the movement of the US dollar this week with some economic data from the United States (US) to be monitored.</p><p><br /></p><p>The pound will be influenced by the release of UK inflation data on Wednesday which will foreshadow the central bank's monetary policy setting for the latest policy meeting.</p><p><br /></p><p><br /></p><p><br /></p><p>Examining the GBP/USD chart, the price that reached the height of 1.31400 last week, moved flat again below the 1.31000 level earlier this week.</p><p><br /></p><p>The price that has also been back below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the chart gives an early indication that a price drop will occur.</p><p><br /></p><p><br /></p><p>If the price does not get back above the 1.31000 level, the decline is likely to continue lower towards the 1.30000 area.</p><p><br /></p><p>Continuing further declines would expect the price to reach around 1.29000 which is the previous price focus level.</p><p><br /></p><p>However, if the price manages to bounce back above the 1.31000 level after breaking through the MA50 barrier, last week's uptrend may continue again.</p><p><br /></p><p>A higher rise will overcome last week's highs before testing the resistance zone at 1.32000 as well as recording the latest highs.</p>