The bearish pattern was maintained on the chart of the GBP/USD currency pair on Wednesday yesterday with the price falling to new lows.
As expected, there was an attractive price reaction at the concentration level of 1.25000 when the decline continued in the New York session yesterday following the strengthening of the US dollar which was still successfully maintained.
In addition to the market sentiment factor, the United States (US) service survey data with an increased reading in August also gave support to the strengthening of the king of the currency.
The pound's failure to withstand the pressure has pushed the price to around 1.27800 for a record low price in a 13-week trading period.
However, the momentum started to slow and the price then hovered around the 1.25000 zone until the New York session closed.
The continued price movement in the Asian session this morning (Thursday) is still seen to be slow at around 1.25000.
The bearish signal is considered to remain with the price movement still below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the GBP/USD chart.
The price drop is expected to continue today but investors are waiting for a clearer signal that the price will move down from the 1.25000 zone.
The price's lower target will be directed at 1.24000 to target after the price last tracked to that level in early trade last June.
On the other hand, if the price rebounds from the 1.25000 zone and then breaks through the MA50 barrier, investors will be ready for a bullish price trend change.
A move higher is likely to lead back to the 1.26000 level to test that resistance.
Next, the height level of 1.27000 will be the next price focus if the price increase pattern continues successfully.
