The price movement on the chart of the GBP/USD currency pair is seen to still be showing a bearish trend since the change in the price pattern started last week.
However, at the beginning of yesterday's week, the price movement was seen to be flat and did not continue further decline.
Investors remain cautiously awaiting some important economic data to come this week ahead of the September FOMC meeting which is fast approaching.
The US dollar did not show a clear direction in trading yesterday but is expected to be more lively in the New York session tonight with a focus on the ISM survey data for the United States (US) manufacturing sector to be published.
On the GBP/USD chart, the price hovering slowly around 1.31500 is seen to be still below the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame which remains a bearish signal for the price.
The price drop if continued after this is seen to reach the 1.31000 zone as current support for the current price.
If the breakout price is lower, the bearish trend movement last week will continue with the next price target being 1.30000.
However, the situation could change seeing a price rebound to reach the 1.32000 zone before giving an early signal for a trend change to take place.
A further move above the zone will increase the price's potential to record a new high above the previous record of 1.32600.
