After the strengthening of the Pound Sterling in trading last week following the indications by the Governor of the central bank of England on monetary policy, investors further absorbed the latest sentiment which saw the British currency depreciate again.
Back to putting pressure on the Pound when last Saturday UK Prime Minister Boris Johnson announced additional stricter travel restrictions to curb the spread of new Coronavirus infections.
The UK will close all travel corridors starting today and anyone visiting the country will need to provide negative Coronavirus screening test results.
As a result, the Pound Sterling is expected to move weaker at least earlier this week.
On the GBP / USD currency pair chart, the bearish pattern was displayed over the weekend as well as driven by the strengthening of the US dollar in the market due to the sentiment seen as risky.
The resistance level at 1.37000 remains to prevent the price surge before the price plunges again and gives an early signal for a bearish trend change.
Continuing trading earlier this week, the price moved below the 1.36000 level but still slowed in the Asian session.
The European and New York sessions are expected to be more lively with the expectation of a lower price drop leading to a concentration level of 1.35000.
Even the continued price decline has the potential to reach the support level of 1.34000 this week.
However, if there is a re-increase, the price will test the level of 1.36000 as the SBR zone (support become resistance).
A higher rise is likely to signal a bullish re-price trend on the GBP / USD chart before the price re-tests the resistance level of 1.37000 last week.
