The attempt to rise on the GBP/USD currency pair chart at the beginning of yesterday's week failed to continue.
Last week, the price showed a decline to around 1.29000 which is seen as a support zone during price action.
At the opening of the week yesterday, the price tried to make a rise again from the beginning of the Asian session until continuing in the European session.
The price increase has passed the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the chart, which triggered an early signal for the price to move in a bullish trend.
However, after reaching a height of 1.29700, the price plunged again due to pressure from the strengthening US dollar until it touched the support at 1.29000 again.
The price bounced slightly from that support to close the New York trading session.
Continuing the Asian session trading this morning (Tuesday), the price is slowly above the 1.29000 zone, but the price movement that remains below the MA50 barrier maintains a bearish signal.
If the price drops below the 1.29000 support after this, further price declines are expected to continue.
The price will record a new 3-week low with the nearest target being to head towards the 1.28000 zone.
On the other hand, if the price manages to rebound, a bullish trend reversal signal will be observed after the price breaks through the MA50 barrier.
The rise will continue to retest the resistance zone at 1.30000.
The zone was tested several times throughout last week's trading but still failed to be overcome.
