UK manufacturing and services sector data published during the European session this afternoon is expected to influence the movement of the Pound in the market.
The pound however came under pressure against the US dollar with a strengthening by the king of the currency ahead of the FOMC meeting this week.
It can be seen that the price on the chart of the GBP/USD pair has made a lower decline past the support level at 1.35700 last week.
As such, investors are more likely to expect a lower price decline to occur earlier this week.
Moreover, the price still moving below the Moving Average 50 (MA50) barrier level on the 1 hour time frame signals for the movement of the bearish trend.
If the US dollar manages to strengthen this week, a lower decline will be witnessed for the price towards the focus level at 1.35000.
For a lower decline, the next focus level of the price is seen to be at the support zone around 1.34000.
On the other hand, if the price rises again above the level of 1.35700, the MA50 barrier level is also likely to be passed for the price to return to give an indication for a change in the bullish trend.
The next price increase will test the SBR (support become resistance) zone of 1.36500 which was the price resistance in last week's trading.
The higher rise will then return to the peak of 1.37400, which is the highest level reached in 11 weeks since last November.
