Further price declines did not continue in trading at the end of last week on the GBP/USD currency pair chart after the price fell to an 8-week low.
On Thursday, a daily decline of around 180 pips was recorded reaching levels near 1.23500 before rising again the next day above the 1.24000 zone.
Analysts see profit-taking activity taking place on the US dollar at the end of the week which had strengthened previously.
However, for further movement, the US dollar is expected to continue its strengthening following signals from the December FOMC meeting for the Federal Reserve (Fed) to slow down their monetary policy easing.
The pound is expected to continue to receive pressure following the lack of significant economic data this week to support the British currency's rise.
Investors are assessing the price movement on the GBP/USD chart at the opening of the week, which slightly crossed the Moving Average 50 (MA50) resistance line on the 1-hour chart.
Although it is still early to determine the direction, analysts are not ruling out a signal for a trend change, although the US dollar is expected to push prices down again.
If the price drops below the 1.24000 zone, further price declines are expected to continue beyond last week's levels.
The next target is around 1.23000, which is seen as the latest support for the price, but it is not impossible for the price to fall lower beyond it.
On the other hand, if the price manages to make a higher increase, the nearest resistance is at 1.25000 to be tested.
