The journey of the bullish trend on the chart of the GBP/USD currency pair began to be affected when the price was seen to be pushed down during yesterday's Wednesday trading.
This is driven by the recovery factor of the US dollar currency from the previous continuous depreciation since last week.
However, analysts see the situation as temporary as the US dollar is still expected to move weakly after this with indications pointing to continued easing of monetary policy by the Federal Reserve (Fed).
The majority of Fed members support policy easing and expect several more interest rate cuts at the next meeting.
The pound retreated after hitting a new 30-month high.
It can be observed the price movement on the chart of the GBP/USD currency pair which started to change direction yesterday.
Initially, the rise managed to continue to pass the 1.34000 level for the latest record high before the momentum started to fade.
The price made a decline and failed to get back above the 1.34000 level again with an extension of the decline at the end of the New York session reaching around 1.33200.
The price that is back below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the GBP/USD chart is an early indication for a bearish trend to begin.
If the price breaks lower below the 1.33000 zone after this, the expectation is stronger for the bearish pattern to continue.
The next target is for the price to return to the previous concentration zone around 1.32000.
However, if the price manages to rise again to be above 1.34000, it is possible that the bullish pattern as before will continue again.
For the rise to reach the latest high, the 1.35000 zone is seen as one of the 'hot' areas that will be a price attraction.
