GBP/USD Remains 'Bearish' Below $1.2300 Zone


 The price movement trend on the chart of the GBP/USD currency pair is still seen as bearish after the price drop that started at the beginning of the week.

The focus in the European session was directed to the speech by the governor of the central bank of England (BOE) Andrew Bailey, but his statement did not have an impact on the movement of the Pound.

While in the New York session, the speech by Federal Reserve (Fed) Chairman Jerome Powell in Washington DC was given the spotlight.

However, investors were disappointed when Powell gave no indication of further central bank monetary policy.

Therefore, the US dollar was seen moving weakly compared to the Pound in the New York session yesterday, which saw a rise in prices.

At first the price was seen to make a decrease from the 1.23000 level to around 1.22400, but turned around to make an increase again to 1.23000.

Seen as a resistance when making prices, the 1.23000 level is still a barrier for prices to continue climbing.

On the other hand, the price hovered slowly below the zone while testing the 1-hour Moving Average 50 (MA50) barrier line on the GBP/USD chart in the Asian session this morning (Thursday).

If a further decline occurs, the price is likely to overcome the levels reached yesterday before extending the decline to around 1.22000.

The bearish movement that continues lower will expect the price to reach the 1.21000 support again.

However, if the price manages to make a jump above the 1.23000 zone, the MA50 barrier that is broken will also signal a change in the bullish trend again for the price.

The rise is likely to continue towards the resistance zone at 1.24000 which was tested in the trading earlier in the week.

Investors will be cautiously awaiting the release of UK economic growth data in the European session tomorrow (Friday) which will influence the movement of the Pound.