The increase of the Pound is only temporary, the strengthening of the US dollar again causes the currency to fall lower.
This is shown in the price movement on the chart of the GBP/USD currency pair on Thursday trading yesterday.
In addition to the current factors that supported the US dollar from the beginning of the week, the release of the United States (US) unemployment benefit claims data yesterday also provided support.
After rebounding from the 1.25000 zone earlier, the price showed a bearish pattern throughout yesterday's trading until the end of the New York session.
Interestingly, the price has reached the concentration level at 1.24000 which is a support when making the price.
Slow price movement in the vicinity continued trading at the opening of the Asian session this morning (Friday).
However, price movement that remains below the Moving Average 50 (MA50) barrier indicates a still bearish trend.
Next, if the decline continues the price is seen to head towards a lower target around 1.23000 for the latest 6-week record low.
On the other hand, if there is a rebound, analysts expect the 1.25000 level to become an attraction for prices again.
For now, that level remains the closest resistance to price movement.
If successfully broken, the price will continue to climb higher to around 1.25400 before reaching the target level at 1.26000.
