The GBP/USD currency pair chart remains a horizontal pattern until trading to the end of last week.
The pound currency moved gloomy following the UK economic growth report published on Friday and recorded a weak reading for January.
The US Dollar also maintained a blunt performance throughout the week due to concerns of the risk of the US economic recession as a result of the tariff war.
The focus of both currencies this week was on the results of the FOMC meeting as well as the England Central Bank Meeting.
On Friday, horizontal prices above the 1.29000 zone after the early weeks of the week were unsuccessful.
However, the price movement under the Moving Average 50 (MA50) barrier line on the 1 hour frame on the GBP/USD chart triggered an initial signal for the bearish movement.
At the opening of the Asian session earlier this week, a slow price around 1.29300 continued the horizontal pattern at the closing of last week.
If the price dropped below 1.29000, the price drop signal would be clearer before the trade level last week around 1.28700.
Subsequently, the extended decline will target at the 1.28000 focus zone.
But if the situation is different that saw the price surge on display, the resistance was at 1.30000 for test prices.
The higher increase if it goes beyond the level will record the latest 5 months to about 1.31000.
