The chart of the GBP/USD currency pair, like others, also showed a decline to recent lows in Wednesday's trading yesterday as the US dollar maintained its strength.
The pound had to come to terms with the situation to bow lower following the drop in UK inflation figures that were published last week.
Investors' focus today will be on the UK and United States (US) PMI data to observe the direction of movement for both the Pound and the US dollar.
For now, the price trend remains bearish with the movement signal still below the Moving Average 50 (MA50) obstacle line on the 1-hour time frame on the GBP/USD chart.
On Wednesday yesterday, the price increased slowly in the Asian session approaching the level of 1.3000, but changed direction again in the next trading session.
By the end of the New York session, the price had plunged almost to touch 1.29000 while also recording a new 10-week low.
Expectations for the price to continue falling lower are seen to need to pass the current support of 1.29000 before continuing the bearish trend.
If it breaks down, the price drop is expected to continue towards the next concentration zone at 1.28000.
However, if the price manages to show a rebound from the 1.29000 zone, the resistance at 1.30000 will again become a target to be tested.
After signaling a more obvious trend change, the price increase beyond 1.30000 will continue towards around 1.31000.
