Can GBP/USD Hit $1.2400 Before This Week Ends?

<p>&nbsp;The bearish price pattern remains constant on the chart of the GBP/USD currency pair, which is seen continuing its decline to the latest lows yesterday.</p><p><br /></p><p>There was no change in market sentiment yesterday, seeing the US dollar remain strong and putting pressure on the Pound.</p><p><br /></p><p>In addition to being supported by the services PMI survey data which rose earlier, yesterday the United States (US) unemployment benefit claims data was also published with good numbers.</p><p><br /></p><p>However, the strengthening momentum of the US dollar was seen to fade a little in yesterday's trading session in New York.</p><p><br /></p><p><br /></p><p><br /></p><p>The price that was flat at the 1.25000 level has continued to decline lower reaching around 1.24500, but there is a rebound in the New York session.</p><p><br /></p><p>After closing the trade at around 1.24700, the price rose slightly to continue trading in the Asian session this morning (Friday) towards the 1.25000 level again.</p><p><br /></p><p><br /></p><p>In addition to testing the 1.25000 level, the Moving Average 50 (MA50) barrier is also tested which will provide an important indication for further price movements.</p><p><br /></p><p>If the following barriers are successfully overcome, the price is likely to move against the trend by displaying an uptrend.</p><p><br /></p><p>The increase is likely to go back to the 1.26000 level before going to a higher level at 1.27000 which was last week's price resistance.</p><p><br /></p><p>However, if the opposite situation occurs, the price will continue to decline again and may be able to overcome yesterday's lowest level.</p><p><br /></p><p>The latest low is expected to reach the concentration level at 1.24000 maintaining the trend for the rest of the week.</p>