Although already 500 pips of price decline was recorded on the price chart of the GBP/USD currency pair since last weekend until Wednesday.
Not stopping there, the decline continued in Thursday's trading after the price broke the support level at 1.25000 as expected by analysts.
Almost touching the target level of 1.24000, the decline has recorded its latest low since June 2020 reaching around 1.24100.
The pound is seen as continuing to fail to curb the dominance of the US dollar with the main focus being on the FOMC meeting next week following expectations of a 50 basis point interest rate hike by the Federal Reserve (Fed).
Remaining a bearish movement signal, the price is still moving below the Moving Average 50 (MA50) barrier level since last weekend and continues throughout this week.
There was a price increase at the end of the New York session yesterday connecting to the Asian session this morning heading to the 1.25000 level.
The level is seen to be a resistance to price correction (correction) on the bearish movement before it is expected to continue the decline at the close of trading this April.
The continued decline is seen to test the support zone at 1.24000 before the price that breaks the zone will continue to record the latest 2 -year lows.
However, if the price rises above the 1.25000 resistance and also passes the MA50 barrier, investors will evaluate it as an early signal for the end of the previous bearish price trend.
As for the expectation of a price increase, the initial resistance level that will be tested is seen at 1.26000 before the higher increase will go around the level of 1.27000.
Next week will be a challenging week for investors ahead of the England central bank (BOE) and Fed policy meeting that will shake up the Pound and US dollar.
