The pound sterling also weakened last weekend against the US dollar following the strengthening of the US dollar following risky market sentiment.
On the GBP / USD currency pair price chart, the price rose to the level of 1.42000 recording the latest high since April 2018.
However, that level became the latest resistance for the price before the price plunged again below the level of 1.4000.
The price decline last Friday headed back to the RBS zone (resistance become support) at the weekly low reached around 1.38900.
The opening of the market this week saw the price show a rise at the beginning of the Asian session re-testing the resistance level at 1.40000.
The rise in the value of the Pound will be supported by additional economic aid sentiment which is expected to be announced by UK Finance Minister Rishi Sunak for £ 5 billion this week.
A successful price increase will also test the SBR zone (support become resistance) at 1.41000 before heading back to the resistance 1.42000 last week.
However, if the US dollar manages to strengthen the pound, the price will fall below the RBS zone of 1.38300.
Further decline is seen to lead to the support level around 1.37000 or lower at 1.36000.
