The price movement on the chart of the GBP/USD currency pair is seen to be still maintaining the downward momentum throughout the week until the last session when the employment data of the United States (US) became the focus of investors.
US job growth in August saw an increase to 315,000 compared to expectations of 295,000, but failed to beat July's data reading which jumped to 526,000.
Meanwhile, average hourly earnings in the US shrank lower to 0.3% compared to expectations for a drop to 0.4%, while the unemployment rate reportedly increased to 3.7% compared to expectations to remain at 3.5%.
Evaluating the price movement on the chart of the GBP/USD currency pair at the end of last week's trading session, the price is still seen to be maintaining a bearish trend that is moving at the Moving Average 50 (MA50) barrier level in the 1-hour time frame.
Last Friday's rise was seen to test the barrier level but failed to break it before closing the week's trade around 1.15000.
There was a small gap at the opening of the price earlier this week in the Asian session around 1.14700 and the price hovered slowly around that until the opening of the European session.
If the price reduction is successful in continuing again at the beginning of this week, the price is seen to test the support level of 1.14000 which is the lowest level tested in the last March 2020 trading.
A break through that level prompted analysts to revise the latest target up to 1.05000, which would be the latest low since February 1985.
On the other hand, if the price rebounds and crosses the MA50 barrier level, the bullish trend change signal will be evaluated before the price is expected to test the resistance level at 1.16000.
The continued price increase will target the 1.18000 resistance zone to record the latest 2-week high.
