The bullish price movement pattern on the GBP/USD currency pair chart showed a slight change in trading yesterday Wednesday which began to retrace.
This was due to the UK inflation data published with a figure falling to 2.6% in March which stalled the Pound's previous upward movement.
In the New York session, the United States (US) retail sales data came with a good reading and provided some support to the US dollar.
Previously, the US dollar moved significantly weaker due to the pressure of the tariff war which also created a high risk for the US economy to be dragged into recession.
The continuous rise in price on the GBP/USD chart saw the high level of 1.32000 last week successfully overcome at the beginning of this week.
On Wednesday yesterday, the price increase approached the height of 1.33000 before starting to show a change in direction in the European session when the data was published.
The price that made a decline until the Asian session this morning was seen to start moving below the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the chart, which gave an early signal for the bearish movement to begin.
However, the price slowly hovered around the 1.32000 level as it continued trading to the opening of the European session today.
If there is a clear indication that the price made a decline below the 1.32000 zone, the price risks falling lower in the following sessions.
Further declines will take the price towards the previous focus zones such as around 1.31000 and 1.30000.
However, if the price manages to bounce back from the 1.32000 zone, the resistance at 1.33000 will be returned to be attempted to be broken.
Next, a new high level of price will be recorded towards the target of 1.34000 for the latest 7-month high.
