The bearish pattern continued on the GBP/USD currency pair chart on Thursday as the US dollar remained strong.
It was a bit surprising for investors at first to see that the US dollar managed to maintain its positive performance despite the US economic data published on Wednesday that came with bad signs.
Not only did the ADP report show a weak increase in private employment, but US economic growth in the first quarter of 2025 showed a contraction of 0.3%.
However, the US dollar still managed to strengthen, putting pressure on the Pound currency as the market's focus is now on the NFP jobs report to be published in the New York session tonight.
Examining the price movement, the lower level recorded in the New York session yesterday reached around 1.32600 after the price began to decline from the 1.34000 resistance zone reached at the beginning of the week.
There was a rebound in the Asian session this morning (Friday) which saw the price break above the 1.33000 level and test the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the GBP/USD chart.
If the resistance is not broken, the price will resume the bearish pattern and may possibly drop lower than yesterday's level.
The target for further price declines is to head towards the next focus zone at around 1.32000.
However, if the US dollar closes the weekend trading weakly influenced by the published NFP report, the price could bounce back higher.
The resistance at the 1.34000 zone will be tested after 2 consecutive weeks of the zone restraining price attempts to rise to higher levels.
