Bearish movement patterns are displayed on the GBP/USD currency pair chart at the earlier trading this week.
Once the price fell from the 1.24000 zone, the decline continued to below 1.23000 yesterday.
The daily lowest level was hit around 1.22620 yesterday but there was a jump in the New York session to see the 1.23000 testing price for the price.
The increase was due to the decline of the US dollar, but the pound was seen failing to take advantage of the chances of continuing to grow higher.
The focus will be on the speech of England Central Bank (BOE) Governor Andrew Bailey in a European session that could affect the pound movement.
Meanwhile, at the New York session, the speech of Federal Reserve Chairman Jerome Powell will be focused on further monetary policy indicators as well as impacting the US dollar currency.
The price movement remains on the bearish trend below the Moving Average 50 (MA50) barrier line on the 1 hour frame on the GBP/USD chart.
Continuing the opening of the market at the beginning of the Asian session this morning, prices hovered slowly below the 1.23000 zone with lower decline expectations.
If the decline is still ongoing, prices will overcome the level yesterday before heading to the next focus zone at 1.22000.
However, the situation requires factors that support the strengthening of the US dollar further.
If the US dollar is weaker than the pound, prices are more likely to jump over the 1.23000 zone.
Over the MA50 barriers will support a higher increase to test the resistance zone again at 1.24000.
