Wow! Up to 100 Pips GBP/USD 'Reverse' Up Again

<p>&nbsp;The direction of price movement started to change on the chart of the GBP/USD currency pair last Friday as the market ended June trading with the second quarter of 2023 drawing the curtain.</p><p><br /></p><p>The pound took advantage of the opportunity to bounce back as pressure from the strengthening US dollar at the end of the week began to ease.</p><p><br /></p><p>Previously, several factors supporting the strengthening of the US dollar had pushed the price down to the level of 1.26000.</p><p><br /></p><p>On Friday, the price managed to bounce back from the support level more than 100 pips past the focus level of 1.27000.</p><p><br /></p><p>This is due to the depreciation of the US dollar when the personal expenditure index data of United States (US) consumers is published with slow numbers, in addition to analysts assessing the occurrence of profit taking activities by market players.</p><p><br /></p><p>The surge in price that crossed the Moving Average 50 (MA50) barrier on the 1-hour time frame on the GBP/USD chart triggered early expectations for a bullish trend change again.</p><p><br /></p><p>Following the opening earlier this week to begin early July trading, prices slowed in the 1.27000 zone as investors await further signals.</p><p><br /></p><p><br /></p><p>If the breakout is successful, the bullish pattern will likely show a retracement of the previous weeks resistance zone around the 1.28400 height.</p><p><br /></p><p>An increase higher than that will break the highest price record since April 2022 with the target heading to 1.29000.</p><p><br /></p><p>On the other hand, if the price plunges again from the 1.27000 zone, last week's support level at 1.26000 will return to be retested.</p><p><br /></p><p>If it breaks through, the price will continue the bearish movement of the past week to head towards the next concentration zone which is at 1.25000.</p>