The price chart of the GBP/USD currency pair extended its decline to recent lows as the Pound continued to receive the pressure of the continued strengthening of the US dollar.
Additional support was received by the US dollar when the inflation data of the United States (US) was published in the New York session yesterday with the October figure meeting the forecast to increase.
The pound came under pressure amid concerns about the labor market as the UK jobs report published on Tuesday saw the unemployment rate rise to 4.3%.
UK Gross Domestic Product (GDP) data will also be examined on Friday, but the market's focus today will first be on the US producer price index (PPI) data in the New York session later tonight.
Investors have seen the price drop on the GBP/USD chart continue on Wednesday yesterday reaching the target level of 1.27000.
The price recorded the latest lowest level in 3 months and the downward trend is seen to continue today (Thursday).
Price movement remains in a bearish trend that is below the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the GBP/USD chart, expecting a decline towards the latest target at 1.26000.
However, if there is a change in the direction of the price movement again, the price increase will be seen to cross the MA50 barrier before signaling a trend reversal.
A break above the 1.28000 zone will push higher for the price to return to previous focus levels such as 1.29000 or at the 1.3000 resistance tested last week.
