The price movement on the chart of the GBP/USD currency pair on Wednesday yesterday was seen hovering in the lowest zone in the 5-week trading period.
With an uncertain global market environment, the price movement is flat in the 1.27000 zone but still seen to be moving in a bearish trend.
The price drop that continued on Tuesday did not succeed when the price 'rested' for a moment while investors watched the price reaction that occurred around 1.27000.
The attempted price increase is also blocked by the Moving Average 50 (MA50) obstacle line on the 1-hour time frame on the GBP/USD chart, which still gives a bearish signal for a bearish movement.
Prices slowed below the 1.27000 zone to resume trading in the Asian session this morning (Thursday) with the expected tendency for prices to further decline lower.
If that situation occurs, the price decline is expected to reach 1.26000 to record the latest low.
However, if the price shows a surge above the 1.27000 zone and breaks through the MA50 barrier, it will be a signal for a change in the price trend.
The next price increase will also test the resistance zone at 1.28000 which was a price barrier during last Tuesday's trading.
A more clear bullish move could push the price up to 1.29000 or higher after that.
