The bearish pattern continued on the GBP/USD currency pair chart yesterday Thursday until the price recorded a new 14-month low.
The decline, driven by the strengthening US dollar, has passed the 1.23000 level, which was the lowest price in the past year, which was reached in April.
The price reached around 1.22400 in the European session yesterday, but bounced back to hover around the 1.23000 zone until the New York session ended.
The momentum of the US dollar strengthening is seen to have eased slightly as investors are now cautiously awaiting the US (US) NFP jobs report to be published in the New York session shortly.
The price movement remains with a bearish signal that is below the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the GBP/USD chart.
If the price decline continues, it is expected to target the 1.22000 level to be tested, which is seen as a support zone for price focus.
The last time it was tested was in November 2023 trading before the rally continued into 2024.
However, if the price moves up from the 1.23000 zone and then breaks through the MA50 barrier, this will be an early signal for a bullish trend change for the price.
A higher rally can be expected for the price towards 1.24000 before the focus shifts to around 1.25000 again.
