The price movement on the chart of the GBP/USD currency pair is seen to remain flat below the 1.31000 level for several days until yesterday Wednesday.
With the lack of important economic data to drive the market since the beginning of the week, price movements were driven more by the US dollar.
The US dollar slowed as the market awaited the United States (US) inflation data to be published in the New York session tonight (Thursday).
The minutes of the FOMC meeting published early this morning also failed to show a significant movement in prices.
Even so, the US dollar still shows positive movement with a slow increase in value in addition to maintaining pressure on the Pound currency.
Looking at the GBP/USD chart, the flat price since the beginning of the week is hovering in a 40 pips range between 1.31000 with a support level at 1.30600.
The price's bearish signal also remains when the price is observed to remain below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the chart.
Expected further decline in price will continue to record the latest low towards the nearest target at the 1.30000 zone.
With the impact of important data to be published, the price could plunge even lower, but it is also not impossible for the price to show a movement in the opposite direction.
If the price surge breaks through the 1.31000 resistance, a higher rise is likely to be witnessed towards the 1.32000 zone.
A clearer trend change signal will convince investors for the price to recover to a higher level afterwards.
