The pound extended its fall to a 9-week low while the US dollar continued to excel for a fourth week in a row.
On the chart of the GBP/USD currency pair, the price has shown a lower decline past the trading levels of the past week.
After failing to stay above the 1.30000 zone, the price dropped to record a recent low reaching around 1.29450.
The downward movement of the price is expected to continue following the bearish signal for the price which remains below the barrier line of the Moving Average 50 (MA50) on the 1-hour time frame on the GBP/USD chart.
Investors will look to manufacturing and services PMI data for the UK and US on Thursday to determine the further direction of price movements.
However, the US dollar, which is expected to continue its strengthening, increases the tendency for prices to record new lows again.
The price drop if it exceeds yesterday's level will lead to the next concentration zone at around 1.29000.
However, if the price increase manages to pass the 1.30000 level again, there is a signal for a change in trend may occur on the chart.
With the successful rally continuing, the price will again face the 1.31000 resistance level as tested last week.
