The pound sterling has continued to face a daily devaluation situation since last week following the risky sentiment that plagued the British currency.
Concerns for movement restrictions in the UK extended further after the July 19 opening date of the economy will certainly continue to put pressure on the Pound.
The development of the contagion of the Delta variant of Covid-19 affecting economic recovery plans in the UK continues to be monitored.
The price movement chart of the GBP/USD pair maintained a continuous bearish pattern in Thursday's trading yesterday.
In addition to the weak Pound, the strengthening US dollar ahead of today’s NFP jobs report also continued to push prices lower than last week.
With the price movement still below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame which remains a bearish trend signal, the price has dropped below the support zone of 1.38000 reaching the latest low around 1.37500.
The price movement was flat at the surrounding level in the Asian session on Friday morning, but the decline in prices is still expected to continue.
The 1.37000 level became the next bearish target for the price to test the support zone that failed to be broken during last March and April trading.
However, if investors see a price spike after the NFP report is published, a rise above the 1.38000 level will again lead to resistance around 1.39000-1.39200.
Higher gains could reach up to the focus resistance zone at 1.40000 tested last week.
