Price movements on the GBP / USD currency pair chart are beginning to show a downward trend towards trading over the weekend.
After hitting a nearly 3-year high of around 1.39500 on Tuesday, prices began to show a reversal after the US dollar regained its strength.
After being backed by a spike in US bond yields, US retail sales data released at yesterday's New York session added even more factors to the US dollar continuing to move strong.
The strong strengthening of the US dollar weakened the momentum of the previous pounding of the Pound Sterling and signaled to investors for a bearish trend change on the GBP / USD chart.
UK inflation data released at the European session yesterday also failed to stimulate the strengthening of the Pound.
The price decline shown is seen to have returned to the RBS zone (resistance become support) 1.38300. Prices hit that level in the New York session yesterday but have yet to break through
The price movement that continued on Thursday's trading was seen slow in the Asian session and is still hovering in the RBS zone.
A lower decline will be expected after the price drops below that zone and will head to the next RBS zone at 1.37000.
However, there are still expectations by analysts that the series of bullish on the GBP / USD chart is not over yet.
Thus, if the price hike occurs again, the price will surpass the height level reached this week to continue to record a new high.
The resistance level at 1.40000 will be the next target price target.
