The price movement on the chart of the GBP/USD currency pair also saw the downward trend continue after the results of the FOMC meeting which showed a strengthening signal for the US dollar.
However, prices were seen to jump initially when the market's reaction to the speech by the Federal Reserve (Fed) Chairman, Jerome Powell, who sounded somewhat cautious, made the US dollar weaken for a while.
However, the US dollar strengthened again, pushing the price down again after signaling that policy tightening by the Fed would continue after announcing an interest rate hike of 75 basis points for the fourth time in a row.
However, investors are wary of Pound trading which also has the potential to show strengthening ahead of the central bank of England's (BOE) policy meeting in the New York session tonight.
The price on the GBP/USD chart was initially seen to drop to around 1.14500 before the reaction to the FOMC meeting saw the price jump over 100 pips to the high of 1.15600 which was also tested in Tuesday's trading.
However, due to the re-strengthening of the US dollar until the end of the New York session, the price then plunged again until 170 pips reached 1.13900.
The price that also moved below the Moving Average 50 (MA50) obstacle level in the 1-hour time frame on the GBP/USD chart also signaled for the price to continue moving in a bearish trend.
Although there was some slow price improvement in the Asian session, analysts still see a tendency for prices to continue to decline lower.
If the decline continues, the price will head towards around 1.13000 before testing the concentration level at 1.12000 if the decline continues.
Next, the support level at 1.11000 will be waiting to be the next target after being the focus of trading for the past few weeks.
However, if the Pound manages to strengthen after the BOE meeting, the price is likely to bounce back to test resistance at 1.15000 and also the MA50 barrier.
Passing the following barriers will push the rise higher with the target returning to the 1.16000 zone which was the starting zone of the price movement at the beginning of the week.
