The strengthening of the US dollar on Tuesday trading also put pressure on the Pound Sterling on the GBP / USD pair price chart.
A bearish pattern is on display after the price fails to break through the resistance zone of 1.37000 for several weeks with an elevation of around 1.37500.
After the price decline was displayed on Monday, the rise in the Asian session on Tuesday yesterday tested the 1.37000 level again before the market saw the price plunge 90 pips to the RBS zone (resistance become support) 1.3600.
But New York session trading saw the price close slightly above its initial low.
The rapid pace of vaccination in the UK has given investors a positive outlook for the UK economy but investors remain wary of the Pound Sterling trade ahead of the monetary policy meeting of the central bank of England (BOE) on Thursday.
On the GBP / USD price chart in the Asian session, the price is seen testing the Moving Average 50 (MA50) barrier level over the 1 hour time frame but shows signs of a reversal.
The price decline will return to the RBS zone of 1.36000. Exceeding that level will push lower down towards the RBS zone of 1.35300 as well as the focus level of 1.34000.
However, if the price manages to jump above the MA50 barrier and also passes the resistance level of 1.37000, the level of 1.37500 in the resistance zone will be tested again.
Successfully penetrating higher rises past the zone will record the latest highs reached on the GBP / USD chart since April 2021 trading
