No Clear Indications Yet, GBP/USD Remains Relaxed Above $1.2700

<p>&nbsp;The price movement on the chart of the GBP/USD currency pair which was flat at the beginning of the week yesterday remains following the pattern at the close of last week's trade.</p><p><br /></p><p>The 1.27000 level remains an important zone that serves as support for the price from falling lower.</p><p><br /></p><p>The price's attempt to make an increase only touched the level of 1.27480 before falling back to the level of 1.27000.</p><p><br /></p><p>Until the close of the New York session, prices slowly hovered below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the GBP/USD chart for a bearish signal.</p><p><br /></p><p><br /></p><p><br /></p><p>The market is still waiting for further signals to determine a clearer direction of price movement in addition to examining key economic data.</p><p><br /></p><p>The governor of the central bank of England, Andrew Bailey also attended the ECB forum event on Wednesday, along with Jerome Powell, Kazuo Ueda and Christine Lagarde who will be the focus of market investors.</p><p><br /></p><p><br /></p><p>For the expectation of a price increase if it happens on the GBP/USD chart after this, the price is likely to go back to the resistance level reached last week which is 1.28400.</p><p><br /></p><p>If the resistance is successfully crossed, the 1.29000 zone is seen as the next target and the price will also record its latest high since April 2022.</p><p><br /></p><p>However, if the price plunges and breaks through the support level of 1.27000, the price will continue the bearish trend towards the next concentration zone at 1.26000.</p><p><br /></p><p>A further drop could reach around 1.25000 if the strengthening of the US dollar continues to pressure the Pound.</p>