The chart of the GBP/USD currency pair is again giving signs of resuming the previous bearish movement after the important level at 1.3000 failed to be broken.
Last week the price showed a fall almost reaching 1.29000 but recovered to show a recovery again when the US dollar lost its strengthening momentum.
On Friday, the price rose towards the 1.30000 resistance level but failed to break through to a higher level before retreating back down.
Furthermore, the US dollar came back strong in the last trading session of the week supported by some good economic data from the United States (US).
Starting the week trading around the 1.29600 level at the opening of this morning's Asian session, the price gradually eased down with bearish signals moving below the Moving Average 50 (MA50) barrier line on the 1-hour time frame of the chart.
The price is seen to tend to decline after this towards the 1.29000 support zone which was almost reached last week.
The price reaction around the important zone will be observed and will give an indication of the direction of further movement.
If the decline breaks through the 1.29000 zone, the latest low will be recorded with a target of around 1.28000.
However, if a surge is displayed, the 1.3000 resistance will once again be a target for price to overcome before continuing to rise higher.
Next, the target will shift to the height of 1.31000 which is the focus level for trading in early October.
