The price movement on the chart of the GBP/USD currency pair shows a slowing momentum, but is still seen to be moving in a bearish trend.
The price's latest low was hit last Monday, almost touching 1.28000 before rebounding.
Movements for both the Pound and the US dollar are at risk ahead of their respective central bank meetings on Thursday.
The main focus will be on the FOMC meeting while the central bank of England (BOE) is expected to lower interest rates by 25 basis points.
On Tuesday yesterday, the price moved in a low range of around 40 pips between the 1.28600-1.28200 level.
The price increase is seen to be blocked by the Moving Average 50 (MA50) line on the 1-hour time frame of the GBP/USD chart which signals for a bearish trend.
Continuing trading in the Asian session this morning (Wednesday), the price that started around 1.28260 showed a slow rise to the 1.28500 level and tested the MA50 barrier.
If the MA50 line fails to be crossed, the price tends to resume the downward pattern and head towards the 1.28000 zone.
A lower decline is also not impossible to happen after the reaction to the decision of the policy meeting, expecting the target at 1.27000 to be hit by the price.
On the other hand if there is a rebound, after breaking the MA50 barrier will see the price make an increase to retest the resistance at 1.29000.
A move higher after a signal of a bullish trend change will push the price towards a height of around 1.30000.
