The chart of the GBP/USD currency pair is seen showing a continuous fall in the last week until the last session.
The decline which has reached the level of 1.26000 was seen to pass the trading level last June, at the same time the price recorded the lowest level in 6 months.
Although the strengthening momentum of the US dollar was seen to fade a little at the end of the week, the Pound remained gloomy having fallen since the beginning of the week.
Focus data such as the UK jobs report and the United States (US) inflation published last week remain encouraging the bearish pattern to continue.
UK inflation and manufacturing and services PMI data to be published this week will be the next price driver.
Until resuming trading at the opening earlier this week, prices are still seen moving in a bearish trend that continues to be below the Moving Average 50 (MA50) obstacle line on the 1-hour time frame of the GBP/USD chart.
If the strengthening of the US dollar continues after this, the price can drop below the 1.26000 support to continue the previous bearish trend.
With the target shifting to around 1.25000, the continued decline will mark another recent low for the week.
But the situation will change the other way around if there is a price surge that crosses the MA50 barrier as an early sign of a trend change.
Next, the price resistance is at the 1.27000 level which needs to be broken before the extended increase can reach back to the 1.28000 level or at 1.29000.
