From Friday to Monday, GBP/USD Has Fallen 250 Pips!

<p>&nbsp;Last Friday the daily plunge was recorded around 150 pips on the chart of the GBP/USD currency pair, on Monday the opening of the beginning of the week yesterday and the price continued its decline to the latest low.</p><p><br /></p><p>The daily decline of around 120 pips yesterday has already crossed the previous price support level at 1.26000 and reached around 1.25200 at the same time recording the latest 8-week low.</p><p><br /></p><p>This situation is expected to continue as the US dollar still managed to maintain its strength after the positive momentum on the reaction to the NFP report published last Friday.</p><p><br /></p><p>Price movement that remains below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the GBP/USD chart still suggests that the bearish trend will continue.</p><p><br /></p><p>The price hovered slowly around 1.25300 at the opening of the Asian session this morning (Tuesday) but is expected to continue the downward pattern in the following sessions.</p><p><br /></p><p>The 1.25000 level is seen to be the target to be tested after the last time the price touched that level was in mid-December last year.</p><p><br /></p><p><br /></p><p>If the decline below 1.25000 is continued, the next target for the price is 1.24000 while recording the latest 12-week low.</p><p><br /></p><p>However, if the price does not continue to decline, instead showing an increase again, the 1.26000 level will be the focus for the price to test the SBR (support become resistance) zone.</p><p><br /></p><p>If it breaks through that zone and the price also breaks through the MA50 barrier, a higher rise will be expected to continue to around 1.27000.</p>