Attempts to display a bullish pattern on the GBP/USD currency pair chart this week failed after the decline resumed following the results of the FOMC meeting which strengthened the US dollar.
The Federal Reserve (Fed) maintained interest rates at its meeting this time, but stated that interest rate hikes would be accelerated for this year.
As a result, most major currencies in the market including the Pound came back under renewed pressure on the situation.
In Wednesday's trading, the rally on the GBP/USD chart was seen flat above the 1.35000 level but failed to continue higher before plummeting again.
The price slipped below the Moving Average 50 (MA50) barrier level in the 1 -hour time frame to re -hover at this week’s support level around 1.34400.
A lower decline is expected towards the level of 1.34000 if the US dollar manages to maintain its strength against the Pound.
On the other hand, if the situation changes and the price starts to rebound, passing the barrier at 1.35000 will push the price towards the SBR (support become resistance) zone of 1.35700.
Only then will the price continue to rise higher to previous resistance levels such as the 1.36500 and 1.37400 zones.
The movement for the Pound is expected to be more interesting next week with a focus on the England central bank meeting.
