Tried to continue the move higher above the highs reached last week, but the price pulled back to make the decline.
That's the situation that happened on the chart of the GBP/USD currency pair yesterday when the continued increase in the European session saw the price retreat again in the European session when the US dollar strengthened a little.
The mixed market sentiment makes it difficult for investors to see a clearer direction, especially as the trade moves towards the end of March and also the close of the first quarter of 2023.
Economic growth data of the United States (US) will be the focus of publication in the New York session shortly and can drive movement for the US dollar currency.
Looking at the GBP/USD chart, the price rise to yesterday's latest high reached 1.23600 before declining again and leveling off above the 1.23000 level until the end of the New York session.
Continuing trading in the Asian session this morning (Thursday), the price is still slow at the 1.23000 level, but the price movement that has been below the Moving Average 50 (MA50) barrier in the 1-hour time frame on the GBP/USD chart is starting to give a bearish signal.
If the price decline continues below the 1.23000 level, the price is seen to reach the 1.22000 level again to test the RBS (resistance become support) zone.
The attractive reaction of the price will be observed to determine the indication of further price movement.
Meanwhile, if the price continues to rise again, rebounding from the current level of 1.23000, the height reached yesterday will be overcome.
The price will record the latest 8-week high towards the target at 1.24000.
