The Pound Sterling is expected to weaken following this news with the announcement of a movement restrictive order in the UK by Prime Minister Boris Johnson.
It can be seen that the price movement on the GBP / USD currency pair chart again showed a significant decline in the New York session after the price reached its latest high since trading in April 2018.
Reaching the high level of 1.37000, the price plunged back to around 150 pips following market concerns over the UK economic situation overcoming the optimistic sentiment of previous Brexit negotiations.
Prices are also seen moving lower below the support zone of 1.36000 as well as the Moving Average 50 (MA50) resistance level in the 1 hour time frame which gives an early indication of a change in the price trend on the GBP / USD chart.
After a slowdown around 1.35000, the price began to show a slow rise in the Asian session today before trading continued into the European session seeing the price test the SBR zone (support become resistance) 1.36000.
If the decline continues, the price support zone is seen at 1.35000 to support the re-rise.
A drop below that level is likely to push the price towards the next focus zone at 1.34000 and 1.33000.
But if the price manages to rise again make a jump, the resistance level at the high of 1.37000 reached yesterday will be tested again.
A successful increase will see prices continue to record the latest highs for trading periods of more than 2 years.
