The Pound currency was also affected by the strengthening of the US dollar on Tuesday's trading yesterday.
Market sentiments were again assessed as risky following concerns over the slow growth of economic activity in Europe and China, again driving the strengthening of the US dollar which had stalled earlier in the week.
The final reading of the UK services PMI published in yesterday's European session looked good for August, slightly slowing the Pound's decline in continued trading in the New York session.
On the GBP/USD currency pair price chart yesterday, the price was seen to have plunged in the European session after initially leveling at 1.26300 in the previous Asian session.
The price surge managed to hit a recent 12-week low around 1.25300 before rebounding slightly until the close of the New York session.
The price opened around the 1.25600 level in the Asian session this morning with movement below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the GBP/USD chart suggesting a bearish trend.
The price drop is expected to continue towards the 1.25000 zone if the US dollar continues to strengthen.
The lowest level will continue to be recorded and if the price breaks through the 1.25000 zone, a lower drop will target around 1.24000.
On the other hand, the situation will change if the price starts to move up past the 1.26000 level and the MA50 barrier as an early indication of a trend change.
The price increase will continue towards the resistance level of last week's concentration which is at 1.27000.
