The price movement on the GBP/USD chart also showed a decline due to price pressure by the strengthening of the US dollar in an increasingly risky market environment.
The US dollar is expected to continue to dominate after Russia is now reported to have launched attacks on several areas in Ukraine making the whole world pay attention to this situation.
For the Pound, a development from the central bank, Bank of England (BOE) Governor Andrew Bailey stated they would consider selling the asset if the interest rate reached 1.00%.
However, the focus of investors is now on the development of the geopolitical crisis with the signal that war will erupt at any time.
Thus, the price on the GBP/USD chart is seen to tend to continue lower until the end of the week.
The initial rise of the price in the European session yesterday touched the level of 1.36200 before the more aggressive movement of the price in the New York session saw the price plummet again until continuing into the Asian session this morning.
The bearish trend signal is beginning to be seen by investors when the price is back moving below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame on the GBP/USD chart.
The decline is heading to the level of 1.35000 to test the RBS (resistance become support) zone which has managed to provide support from lower falling prices for the past few weeks.
However, with the increasingly critical geopolitical crisis, the price is likely to decline lower to the level of 1.34000 and support at 1.33600.
If the situation changes again, the price may rise again testing the resistance zone at 1.35700 before the continued rise will head to the zone at the height of 1.36500.
