The chart of the GBP/USD currency pair has displayed a trend change pattern towards the end of this week's trading with the strengthening of the US dollar still maintained.
The pound is under pressure again after the US dollar's decline in the market with the focus being on the US NFP employment data report in the New York session later this evening before closing this week's trading.
Although the data on benefits claims for those who do not work in the US published yesterday rose higher than expected and sent a negative signal to the economy, the US dollar managed to maintain its strength until the end of the New York session.
However, investors should be cautious with tonight's NFP report as the expected increase in employment in the US in September was lower than the previous month.
Examining the GBP/USD chart yesterday, the price showed a bearish movement after the weak rise in the Asian session failed to cross the Moving Average 50 (MA50) barrier on the 1-hour time frame of the price chart.
The price then made a decline from the level around 1.13700 until it passed the level of 1.12000 and almost touched the concentration level at 1.11000.
However, the price started to flatten above the 1.11000 zone until trading resumed in the Asian session this Friday morning.
Lower prices are expected to continue with the bearish pattern that has been displayed on Wednesday and Thursday yesterday.
If the price continues to decline past the 1.11000 zone, the price has the potential to reach the RBS (resistance become support) zone at 1.09000.
However, if the price starts to show a rebound above the 1.12000 level and then breaks through the MA50 barrier, investors will assess the signal for a change in price direction again.
For higher upside expectations, the resistance zone around 1.15000 will be in focus once again after the gains earlier in the week failed to break through.
