The price movement on the chart of the GBP/USD currency pair on Wednesday's trading yesterday has managed to display a rise in the European session.
Yet the upward momentum failed to be sustained for investors to witness a resumption of price declines in the New York session.
Investors' vigilance against the US dollar ahead of the release of US inflation data provided room for the Pound to rise to push the price on the GBP/USD chart to a high of around 1.35900.
However, the rise failed to continue and the bearish situation was seen to be driven by an increase in US treasury yields which has re -supported the movement of the US dollar in the market.
Investors will be looking forward to a speech by Governor Andrew Bailey as well as UK economic growth data to assess the Pound's movement at the close of trading this week.
The price has returned to the level around 1.35300 at the end of the New York session, and the price movement below the Moving Average 50 (MA50) barrier level again gives a bearish signal.
The continued decline will see the support level at 1.35000 be tested again like the decline that occurred earlier in the week.
If the level fails to curb the price fall, the lower decline is expected to lead to the previous focus target level around 1.34000 and also the support zone 1.33600.
However, it is not impossible for prices to make another jump to continue the positive pattern of prices like last week if the US dollar continues to weaken.
Rising prices need to surpass the highs reached Wednesday yesterday to signal for a clearer bullish pattern.
The continued rise and managed to surpass the high reached last week in reaction to the decision of the England central bank meeting, will push the price towards the next focus zone around 1.36500.
