GBP/USD Crashes 130 Pips, Breaks $1.2600 Zone!

<p>&nbsp;A 130 pips daily price plunge was exhibited on the chart of the GBP/USD currency pair yesterday following the re-strengthening shown by the US dollar.</p><p><br /></p><p>The pound has fallen to a 10-week low against the US dollar after the bearish price pattern continued in Thursday's trading yesterday.</p><p><br /></p><p>If previously the US dollar was weakened by the published PMI data, but the king of the currency strengthened again as the market got closer to the Jackson Hole symposium conference.</p><p><br /></p><p><br /></p><p><br /></p><p>Looking at the GBP/USD chart yesterday, the price hovering at 1.27200 then plunged back below the 1.27000 level again.</p><p><br /></p><p>The decline in the European session continued into the New York session until the 1.26000 zone was finally managed to be hit by the price.</p><p><br /></p><p>The latest low was recorded as the price continued its downward trend in the Asian session this morning (Friday) to around 1.25700.</p><p><br /></p><p><br /></p><p>Staying below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the GBP/USD chart signals a bearish movement for the price.</p><p><br /></p><p>The lower decline is expected to continue towards the next concentration zone at 1.25000.</p><p><br /></p><p>The last time the price tested that level was in early June trading.</p><p><br /></p><p>Meanwhile, for the expectation that if there is a price increase, a return to the 1.26000 level will likely see the price return to the 1.27000 level.</p><p><br /></p><p>After the indication of a bullish trend change, the price can continue to rise higher up to the 1.28000 zone.</p>