The price movement on the GBP/USD chart was seen plummeting in last Friday's trading as the US dollar closed April trading with a strengthening after moving weakly over the past week.
Last week, the price failed to reach the resistance level of 1.4000 as the previous week, instead making a decline to the latest weekly low to the RBS (resistance become support) zone of 1.38000.
The Pound is seen to be still at risk with the rise on the GBP/USD chart more driven by the depreciation of the US dollar.
In the spotlight this week, the England central bank (BOE) policy meeting is expected to add more pressure to the Pound.
Interest rates are expected to continue to be maintained by the BOE, while investors will focus on bond purchases by central banks and indicators of whether to maintain loose policies in support of the economy.
The decline on the GBP/USD chart around 150 pips last Friday also gave an early signal for a change in the bearish trend.
Continuing trading at the beginning of the week and the beginning of May, the price slowed on the RBS zone 1.38300-1.38000 which will determine the next price movement.
With the price pattern displayed, the price is likely to decline lower and head to the next focus level at 1.37000 which is the support zone in March and April trading.
On the other hand, if the price manages to rebound from the RBS zone, the bulls will test the resistance of 1.39200 before reaching the resistance level of 1.4000 again.
