The movement of the bearish price trend on the chart of the GBP/USD currency pair was maintained until the end of the week, seeing the price drop to the latest 2-year low.
The Pound currency remained under pressure with the dominance of the strengthening of the US dollar at the end of the week following the market's risk-off sentiment after China announced a movement restriction implemented in Chengdu due to the spread of Covid-19.
The ISM survey data of the United States (US) manufacturing sector published in the New York session yesterday has also supported the strengthening of the US dollar with a stable reading.
However, be alert for the possibility that the US dollar could depreciate ahead of the US NFP jobs data report with expectations of job gains in America for August declining.
If examined on the GBP/USD chart yesterday Thursday, the price continued to decline by around 100 pips with the level of 1.16000 now becoming a resistance for the price.
Hitting a recent 2-year low, yesterday's decline has reached around 1.15000 maintaining a bearish pattern until the end of the week.
The price movement continues to be judged to be in a bearish trend where the price remains hovering below the Moving Average 50 (MA50) obstacle level on the 1-hour time frame on the price chart.
The price drop if continued is seen to reach around 1.14000 to record the latest low again.
That level is also the lowest price zone reached in the last March 2020 trading.
However, if there is a rebound in the price at the close of the last session this week, it is likely that the resistance at 1.16000 will be tested before the price signals a bullish trend change beyond the MA50 barrier.
The continued higher move will target the 1.18000 resistance zone before heading back to last week's resistance around 1.18800.
