The GBP/USD currency pair chart was also surprised by a price gap at the opening earlier this week in the Asian session this morning.
The US dollar was seen to retreat slightly from the strengthening that had been displayed until the end of last week, reaching a record high of 2 years.
The pound fell to a 6-month low against the US dollar as published data also influenced price movements.
UK retail sales for October recorded a figure of -0.7%, lower than the forecast of -0.3%, creating a gloomy picture for consumer spending while the UK manufacturing and services PMI data showed a decline.
The pressure on the Pound has dragged the British currency to fall to the 1.25000 level on the GBP/USD chart, the lowest level since May.
The downtrend in price has actually started since early October and is heading towards the end of November trading.
However, after reaching 1.25000 and closing around that level at the close of last week, the price reopened early in the Asian session today with a fairly significant gap near the 1.26000 level.
Following that, the price movement was seen to be flat throughout the Asian session until the European session opened below the 1.26000 level as a resistance for the price.
A slight break above the Moving Average 50 (MA50) barrier on the 1-hour time frame on the chart gave an early signal for a trend change, but investors are waiting for clearer indications.
If there is a significant spike after this, the price increase is likely to be driven back towards 1.27000 which was the focus level tested last week.
Breaking through that level will record a new 2-week high towards the target in the 1.28000 zone.
On the other hand, if the price plunges again from the 1.26000 level, the support at 1.25000 will be tested again.
Next, a new low will be recorded if the decline exceeds the level reached last week with the target shifting to 1.24000.
