There was a change in the movement pattern of the GBP/USD currency pair chart for yesterday's trade which did not continue the bullish momentum.
The market's volatile situation has indeed been expected and warned by analysts ahead of the FOMC meeting early Thursday morning.
The US dollar, which weakened significantly at the beginning of the week, showed a good performance yesterday to strengthen its pressure on the Pound currency.
The pound is also at risk with the focus on UK inflation data due to be published at the start of the European session today (Wednesday) ahead of the Bank of England's (BOE) policy meeting on Thursday.
On the GBP/USD chart, the price leveled off at 1.32000 in the Asian session yesterday before making a slight increase to recent highs near 1.32300.
However, the situation changed in the next session which saw the price plunge up to 80 pips after breaking through 1.32000.
The price that is below the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame on the GBP/USD chart again signals bearish movement.
After reaching around 1.31500, the price began to slowly resume trading this morning's Asian session below the 1.31700 level.
However, the price is seen to still tend to continue the decline lower towards the target at 1.31000.
If that level is also broken, the 1.30000 support zone is waiting to be tested again like last week.
However, if the price is able to bounce back past the 1.32000 level, the potential for higher gains is greater.
After yesterday's high level was successfully overcome, the price is expected to target up to the height of the 1.33000 zone.
