GBP/USD Back 'Bearish' Again, Kaw-Kaw Prices Plunge!

<p>&nbsp;Do you know how many pips the price plunged on the GBP/USD chart yesterday? 200 pips!</p><p><br /></p><p>Changing the direction of the previous price movement, a drastic decline has occurred due to the significant strengthening factor of the US dollar in yesterday's New York session.</p><p><br /></p><p>This is due to the market's reaction to the economic growth data of the United States (US) published yesterday, which saw the initial reading of second quarter growth surpassing forecasts and the previous quarter.</p><p><br /></p><p>This is seen to support Federal Reserve (Fed) Chairman Jerome Powell's statement at the FOMC meeting that sees interest rate hikes still possible.</p><p><br /></p><p>With the market's confidence in the US dollar, the Pound currency failed to withstand the urge, seeing the price fall to a 2-week low.</p><p><br /></p><p><br /></p><p><br /></p><p>Before that, the pattern of price increases displayed until yesterday's Asian session had almost touched the concentration level of 1.30000.</p><p><br /></p><p><br /></p><p>Then the price reversed direction and plunged down past 1.29000 and reached the support level of last week which is 1.28000.</p><p><br /></p><p>A clear fall in the price moving below the Moving Average 50 (MA50) barrier on the 1-hour time frame on the GBP/USD chart again, would expect further declines to continue.</p><p><br /></p><p>The 1.27000 level is seen as the next target with the potential to be a support at the same time the price will also record a new low level.</p><p><br /></p><p>However, if the price bounces back above the 1.28000 level, the upside is likely to head back to 1.29000 to test.</p><p><br /></p><p>Passing the following obstacles, the price will return to the concentration zone of 1.30000 which has not yet been successfully penetrated yesterday.</p>