Price movements on the GBP / USD pair chart began to decline lower from the resistance zone after prices testing the high of around 1.37500 since last week still failed to break to higher levels.
For trading earlier this week, the start of trading in the Asian session saw the price rise and test again the resistance of 1.37500 before the price plunged in the European session.
The bearish move began to move below the 1.37000 level as well as the Moving Average 50 (MA50) support level during the 1 hour time frame of the price movement which gave an early signal of a bearish trend.
After nearly 100 pips of daily decline recorded until the end of the New York session, the price that resumed trading in the Asian session this morning (Tuesday) resumed exhibiting a rise.
The 1.37000 level is tested and seen as a barrier before the price is expected to continue further decline today.
The next decline is seen towards the RBS zone (resistance become support) at 1.36000 before further decline can reach up to the RBS zone 1.35300 and the level of 1.35000.
On the other hand, if there is a re-rise above the 1.37000 level, the resistance zone will be re-tested for the price to try to overcome the resistance over the past few weeks.
A higher rise is seen to lead to an altitude of around 1.38300 for the price to record the latest high since April 2018.
Investors are currently more cautious while awaiting the England central bank (BOE) policy meeting this Thursday.
The results of the central bank meeting will affect Pound Sterling trading over the weekend.
