Investors are still wary of Pound Sterling trading which saw the British currency continue to depreciate until the end of the week.
Concerns over the side effects of blood clots after AstraZeneca vaccine injections have eroded investor confidence even though the UK says such cases are extremely rare and vaccine injections should be continued to curb the risk of more serious transmission.
Although the UK has also initiated Moderna vaccine injections to meet the health needs of its citizens, it has still failed to support the re -strengthening of the Pound Sterling in the market.
The depreciation of the US dollar in the market failed to be taken advantage of by the Pound to strengthen like other major currencies in the market.
Investors have seen price declines on the GBP/USD pair chart for 3 consecutive days from a high of around 1.39200 at the beginning of the week.
The drop of almost 200 pips reached the level of 1.37200 which is the price support level since last Wednesday.
Yet the price moving below the Moving Average 50 (MA50) barrier level in the 1 hour time frame the price movement is still seen to tend to continue the decline on the bearish trend.
If the price drops below the level of 1.37000, the price is likely to target up to the level of 1.36000 which is the support zone in February.
On the other hand, if the price manages to rebound, the SBR (support become resistance) zone 1.3800-1.38300 will be re-tested which is seen as a barrier.
