The price movement on the GBP/USD currency pair chart showed a bearish pattern until the end of this week with the US dollar remaining seen dominating over the Pound.
Following the release of US Gross Domestic Product (GDP) data for the fourth quarter of 2021 showed a strong initial reading had further boosted the value of the US dollar which had previously been driven by a hawkish -toned FOMC meeting.
Ending the week gloomily, the Pound's situation may change next week as the focus shifts to the England central bank meeting.
Examining the decline displayed on the GBP/USD chart, the price has managed to surpass the expected level at 1.34000, even falling lower reaching around the 1.33600 zone in the New York session yesterday.
The daily decline of around 100 pips yesterday has recorded the latest low for a 5 -week trading period.
It is likely that investors will continue to expect the decline to continue again today, but in the Asian session, the rise is seen testing the 1.34000 level first.
The price movement remains in a bullish trend when seen moving below the Moving Average 50 (MA50) barrier level which signals the price direction.
Further declines are seen to be targeting the latest support level around 1.33000 or maybe lower.
On the other hand, if there is a rebound in the price at the close of trading this week, the price focus level is seen at the zone of 1.35000 and also the zone of SBR (support become resistance) 1.35700.
