As expected by analysts, the price movement on the chart of the GBP/USD currency pair on Thursday yesterday remained following the previous day's movement pattern.
The price continued to decline until it reached the 1.2000 level which was the price concentration zone before, becoming a support level for the price.
A decline was expected due to no change in the market situation with the strengthening of the US dollar still continuing and the Pound remaining trading gloomy.
Although the publication of economic growth data of the United States (US) slightly decreased for its latest reading, but the US dollar did not show a negative reaction.
Today's New York session will focus on the release of US consumer personal spending data which will also affect the movement of the US dollar.
Price movement remains below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the GBP/USD chart, indicating movement in a bearish trend.
Further declines are expected for the price to break through the 1.2000 support before heading towards the 1.19000 zone which was hit at the end of last week's trade.
Next, the price can reach up to the level of 1.18000 if the US dollar continues to strengthen and pressure the price to fall lower.
On the other hand, if the price manages to surge in the last trading sessions of the week, the rise can break the MA50 barrier level and signal an early reversal of the trend again.
The 1.21000 level among the closest seen will be the focus to be tested before the next rise is likely to surpass the height reached on last Tuesday's surge around 1.21500.
