Attempts to continue the rise on the chart of the GBP/USD currency pair yesterday failed when there was another decline in the New York session.
The US dollar moved gloomy in the previous session continuing the pattern from the beginning of the week, but in the New York session the US dollar showed a positive recovery.
The United States (US) durable goods orders data for February recorded a better-than-expected increase, but the US consumer confidence survey data that followed came with a lackluster reading for March.
The strengthening momentum of the US dollar at the beginning of the New York session started to falter, seeing the price level towards the end of the session.
On the GBP/USD chart it can be observed that the price made a slow rise first to the level of 1.26600 before retreating to around 1.26250.
The slow decline in prices is shown in trading that continues into the Asian session this morning (Wednesday) which is getting closer to the 1.26000 level.
A price drop below the zone can be a bearish indication for the price with the expectation of a drop that will continue to the next target at 1.25000.
However, the price increase can still happen past the MA50 barrier again before the price overcomes the level reached yesterday.
A stronger price increase pattern if successfully displayed will also test the resistance at the 1.27000 zone which was the focus before.
Next, the price that succeeds in extending the increase to a higher level will then target around 1.28000.
