The bearish price pattern remains constant on the chart of the GBP/USD currency pair, which is seen continuing its decline to the latest lows yesterday.
There was no change in market sentiment yesterday, seeing the US dollar remain strong and putting pressure on the Pound.
In addition to being supported by the services PMI survey data which rose earlier, yesterday the United States (US) unemployment benefit claims data was also published with good numbers.
However, the strengthening momentum of the US dollar was seen to fade a little in yesterday's trading session in New York.
The price that was flat at the 1.25000 level has continued to decline lower reaching around 1.24500, but there is a rebound in the New York session.
After closing the trade at around 1.24700, the price rose slightly to continue trading in the Asian session this morning (Friday) towards the 1.25000 level again.
In addition to testing the 1.25000 level, the Moving Average 50 (MA50) barrier is also tested which will provide an important indication for further price movements.
If the following barriers are successfully overcome, the price is likely to move against the trend by displaying an uptrend.
The increase is likely to go back to the 1.26000 level before going to a higher level at 1.27000 which was last week's price resistance.
However, if the opposite situation occurs, the price will continue to decline again and may be able to overcome yesterday's lowest level.
The latest low is expected to reach the concentration level at 1.24000 maintaining the trend for the rest of the week.
