In contrast to the Euro, the Pound currency at the opening trade earlier in the week yesterday has shown a lower depreciation against the strengthening US dollar.
On the price chart of the GBP/USD pair, the price is seen continuing the decline on the bearish trend to record the latest low of another 16 months.
True to analysts' forecasts, the price has slipped lower past last week's support level at 1.32000 and reached the support level of 1.31000.
The pound failed to contain the advancement of the US dollar gaining an advantage in a market situation that remained risky earlier this week while maintaining a strengthening momentum after a strong US NFP jobs report was published last Friday.
With this situation, investors will expect a further decline in the price past the current support at 1.31000 while the price moves slowly around that in the Asian session this morning (Tuesday).
The lower decline of the price is expected to test the level around 1.30600 before heading to the next focus level at 1.30000.
The continued decline will continue to record the latest price lows since November 2020.
Even so, investors still need to be vigilant for any possibility that could push prices back up.
The price increase is seen to test the 1.32000 zone before the continued increase will go to the SBR (support become resistance) zone of 1.33000.
US inflation data and UK economic growth readings will be monitored by investors this week to assess movements for both the US dollar and the Pound.
