It's terrible that the price of 'kaw-kaw' is going down!
The price movement on the chart of the GBP/USD currency pair continued to display a non -stop decline continuing until Tuesday's trading yesterday.
The significant strengthening of the US dollar continued to dominate the market and added pressure on the Pound over the past week.
With the prospect of an aggressive interest rate hike by the Federal Reserve (Fed) at next week’s FOMC meeting, will continue to give investors expectations for a strengthening US dollar for the longer term.
Fulfilling the bearish forecast continued on the GBP/USD chart yesterday after successfully passing the support level of 1.27000.
The decline has hit its latest low slightly above the 1.26000 target which is around 1.25700 at the end of the New York session.
The decline to this latest low is the lowest since last July 2020 trading.
If observed, the price decline that started since last Thursday has recorded 450 pips of decline for the 3 trading days.
The price remains in a bearish trend moving below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame on the GBP/USD chart.
The lower decline is expected to continue with the target heading around 1.24000 if the market situation remains unchanged.
However, if the price manages to make a rise again, the initial resistance that is seen to be tested is at 1.27000 which was previously the price support level at the beginning of the week.
And for the higher upside target after getting the bullish trend change signal is at SBR zone (support become resistance) 1.3000.
