The bearish pattern continued on the chart of the GBP/USD currency pair yesterday following the movement that was displayed last Monday.
The strengthening of the US dollar after the inflation data of the United States (US) was published yesterday has pressured the price even lower in the New York session.
But before that, the Pound had experienced an earlier decline in the previous session when the UK jobs data report was published.
The latest reading is rather gloomy with a decline in the average wage rate as well as an increase in the unemployment rate in the UK.
It can be observed on the GBP/USD chart, the price that has fallen to the 1.28000 zone continued its lower decline in yesterday's New York session reaching around 1.27500.
Last Monday's price movement has given an early signal for a bearish trend after the price started below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the GBP/USD chart.
The price was seen rebounding at the close of the New York session yesterday to a level around 1.27900 and remained slowly around that continuing trading in the Asian session this morning.
It is expected that the lower price will go beyond the level reached yesterday before the price goes to the RBS zone (resistance becomes support) 1.08000.
However, the situation can change with the price reaction today will be influenced by the UK economic growth data that will be published in the European session.
If the price manages to make a move past the 1.28000 zone and also the MA50 barrier, this will indicate the potential for higher upside.
The next upside if it continues will remain targeting highs at the 1.29000 resistance to reach after last week's rise almost touched it.
