The pound sterling continued to trade at risk earlier this week due to several factors that still put pressure on the British currency.
The announcement of a lockdown order in the UK by Prime Minister Boris Johnson over the weekend has had a devastating effect on the Pound.
On the Brexit issue, talks between the UK and the European Union (EU) will continue this week in Brussels.
Market analysts expect the central bank of England (BOE) to increase its £ 100 billion bond purchases to increase stimulus injections for the pandemic-affected economy.
The UK has now recorded more than 1 million cases, forcing economic closures to be implemented to curb the effects of the second wave which is predicted to be worse than before.
The price movement on the GBP / USD currency pair chart earlier in the week has seen the price drop above last week's low of near 1.28500.
However, testing the RBS zone (resistance become support) again sees the price making a rise again testing the Moving Average 50 (MA50) barrier level in the 1 hour timeframe of price movement.
Still moving around the MA50 barrier, the trend is still showing a decline but the price movement today (Tuesday) is flat ahead of the US Presidential election which is the main focus event this week.
If the direction of price movement remains bearish, the RBS zone with the support level of 1.28500 will be broken before the price towards the support zone is lower at 1.27600.
However, if the price rises above the MA50 barrier, the initial target price is at the key level of 1.30000.
Starting to signal a bullish trend change, a higher rise is expected to the SBR zone 1.30600 before reaching the resistance zone below the level of 1.32000.
Pound Sterling trading this week will be driven by the decision of the Bank of England (BOE) meeting on Thursday.
