Relatively flat at the beginning of the week, but the price movement on the chart of the GBP/USD currency pair is increasingly showing a decline towards the end of the week.
After the fall of the Pound last Wednesday following the publication of UK inflation data, the British currency continued to decline in yesterday's trade.
The US dollar is still maintaining its strengthening momentum which is also supported by the publication of economic data from the United States (US) in the New York session yesterday.
The second reading of US economic growth recorded an increase compared to the initial reading published last month.
This gives a slight advantage to the US dollar while the next data, which is the personal spending index of consumers will be published tonight.
The price movement on the GBP/USD chart is seen to have continued its decline and almost touched the concentration level of 1.23000 which is seen as support for the price.
The price that remains below the Moving Average 50 (MA50) barrier will push the bearish trend to continue until the close of the last trading session.
If the decline continues to break through the 1.23000 level, a further drop in price can be expected to reach around 1.22000.
Hitting that level would mark a new 9-week low since the last time the price traded around that level was last March.
However, it is not impossible for the price to change direction at the end of the last session due to profit-taking activities that may occur.
In the event of a rebound, the price breaking the MA50 barrier is seen to test the resistance level at 1.24000.
Passing to a higher level and signaling a trend change will encourage the increase to continue towards the target at 1.25000.
