Having over the past week failed to break the 1.4000 resistance on the GBP/USD pair chart, the price has made a lower decline past the 1.38600 support level last Friday.
The lowest decline was recorded around the level of 1.37800 before the price rebuilt in the SBR zone (support become resistance) below the level of 1.38600.
Expectations for prices to continue their decline last Friday faltered as the market reacted rather gloomily despite data readings on the U.S. NFP jobs report looking encouraging.
The US dollar is expected to continue to strengthen this week if investors place confidence in the positive NFP jobs report.
In addition, investors will focus on the development of the $ 1.9 trillion aid package that the U.S. Senate approved over the weekend.
While the Pound which has continued to move weakly since last week will be influenced by factors of the reopening of the UK economy as planned by Prime Minister Boris Johnson this week.
The price on the GBP/USD chart is expected to continue lower down up to the support level of 1.37000 with the price moving below the Moving Average 50 (MA50) barrier level on the 1 hour time frame for the bearish trend signal.
If the price manages to jump past the MA50 barrier, the next bullish trend change signal will push the price back to the resistance level of 1.40000.
A higher rise will lead to the SBR (support become resistance) level of 1.41000 before testing the resistance level of 1.42000.
