Price movement on the GBP/USD currency pair chart is starting to be seen exiting the 100 pips horizontal zone previously.
A significant price drop was displayed in Thursday's trading after the rise failed to continue with the 1.27000 level remaining a resistance for the price.
Following the renewed concerns about the tariff war issue in the market, the US dollar as a safe-haven currency regained its advantage, thus pushing the price on the GBP/USD chart down.
The price approached the 1.26000 support zone at the end of the New York session after a decline below the Moving Average 50 (MA50) line on the 1-hour time frame on the chart, indicating a bearish signal.
Starting slow trading around 1.26000 at the opening of the Asian session this morning (Friday), the price gradually declined slightly below that level.
Seeing the price exit the 1.27000-1.26000 sideway zone previously, a lower decline is expected towards the next focus around 1.25000.
For an extended decline, the price target will shift to around 1.24000.
However, if the price moves back up above 1.26000 again, it is likely that the price will continue its movement within the previous 100 pip horizontal range.
Resistance remains at 1.27000 as tested last Wednesday, but the price has not yet managed to break through to record new highs.
