The price chart of the GBP/USD pair showed a decline in the opening trade earlier this week following the movement of the US dollar which was seen to be more flat than the price trend displayed until last weekend as the US market closed in conjunction with Labor Day.
But market analysts doubt the initial strengthening of the US dollar at the beginning of the week will continue until the end of the week following the pressure faced by the US dollar since last week.
Meanwhile, the Pound continues to be under pressure with reports of an increase in cases of worsening Coronavirus infection in the UK.
Within 24 hours, the UK recorded a viral infection figure of over 41,000 cases and 45 new deaths.
The price on the GBP/USD chart yesterday has exhibited a decline to the level of 1.38200 below the support level of Moving Average 50 (MA50) on the 1 hour time frame of price movement for bearish signals.
However, after moving horizontally until the end of the New York session, a rebound was seen in the Asian session on Tuesday morning with the expectation that the price increase will retest the 1.39000 resistance zone.
The price increase continued to break the resistance of 1.39000 next is expected to head to the high level at 1.40000 to test the focus zone.
However, if the price continues to decline yesterday, the support level of 1.38000 will be tested in the RBS zone (resistance become support).
The lower decline will then be focused on the 1.37000 zone and also the 1.36000 support which was the price pull in previous trades.
