GBP/USD dropped half of the spike last week

<p>&nbsp;Bearish movement patterns are displayed on the GBP/USD currency pair chart at the earlier trading this week.</p><p><br /></p><p>Once the price fell from the 1.24000 zone, the decline continued to below 1.23000 yesterday.</p><p><br /></p><p>The daily lowest level was hit around 1.22620 yesterday but there was a jump in the New York session to see the 1.23000 testing price for the price.</p><p><br /></p><p>The increase was due to the decline of the US dollar, but the pound was seen failing to take advantage of the chances of continuing to grow higher.</p><p><br /></p><p>The focus will be on the speech of England Central Bank (BOE) Governor Andrew Bailey in a European session that could affect the pound movement.</p><p><br /></p><p>Meanwhile, at the New York session, the speech of Federal Reserve Chairman Jerome Powell will be focused on further monetary policy indicators as well as impacting the US dollar currency.</p><p><br /></p><p>The price movement remains on the bearish trend below the Moving Average 50 (MA50) barrier line on the 1 hour frame on the GBP/USD chart.</p><p><br /></p><p><br /></p><p>Continuing the opening of the market at the beginning of the Asian session this morning, prices hovered slowly below the 1.23000 zone with lower decline expectations.</p><p><br /></p><p>If the decline is still ongoing, prices will overcome the level yesterday before heading to the next focus zone at 1.22000.</p><p><br /></p><p>However, the situation requires factors that support the strengthening of the US dollar further.</p><p><br /></p><p>If the US dollar is weaker than the pound, prices are more likely to jump over the 1.23000 zone.</p><p><br /></p><p>Over the MA50 barriers will support a higher increase to test the resistance zone again at 1.24000.</p>