The Pound Sterling remained in a dismal performance following trading earlier this week.
However, the Pound was not hurt too badly as the US dollar was also trading weak yesterday as investors remained cautious ahead of the US NFP jobs data report at the end of the week.
At the moment, the focus is first on the presentation of the monetary policy report by Federal Reserve (Fed) Chairman Jerome Powell on Tuesday and Wednesday for the indication of further policy setting.
Any indication by Powell will invite a market reaction and drive the movement of the US dollar.
The price chart of the GBP/USD currency pair will also be watched by investors to see if the rising pattern at the end of last week can continue in price.
In yesterday's Monday trading, the price was flat and was seen to fail to break the 1.20500 barrier.
However, the price is still above the 1.2000 level, which is the current support for the price, and the price is still above the Moving Average 50 (MA50) support level, which shows the potential to continue the increase.
If the increase continues, the price that passes the 1.20500 level will next test the 1.21000 level.
Next, the resistance level at the height of 1.21400 that was tested a few weeks ago will be the next focus.
However, if the situation changes and sees the strengthening of the US dollar again pushing prices down, investors will be ready for a change in trend to occur.
A break below the MA50 support level and beyond 1.2000 will push the price down towards the support zone at 1.19000.
