The price movement on the chart of the GBP/USD currency pair is still flat in the price range between the support level of 1.35000 and the resistance of 1.35700.
The pound sterling rose early in the European session on Tuesday following the market’s initial reaction to a published UK jobs data report. Average incomes rose higher than expected, but readings for unemployment claims were less encouraging.
After the price rose almost touching the resistance level of 1.35700, the price has displayed a decline again until retesting the support level of 1.35000 in the RBS zone (resistance become support).
But price momentum failed to be maintained due to risky market sentiment that eased when it was reported that Russian troops had begun to withdraw from the Ukrainian border.
Thus, the price started to rebound before closing trading at the end of the New York session around 1.35350.
The focus will be on UK inflation data in the European session soon and US retail sales data in the New York session which will affect the Pound and US dollar.
For bearish expectations, the RBS 1.35000 zone will be re -tested before the lower decline gives a clearer signal for a bearish price trend.
The next target level for the continued decline is seen at 1.34000 and also the support zone 1.33600.
On the other hand, for the bullish forecast, the resistance at the 1.35700 zone needs to be overcome before the price continues to rise towards the resistance zone at 1.36500.
Passing the resistance will record the latest 5 -week high with the price target level being at a high of around 1.37400.
