The pound also came under pressure in Tuesday's trading following risky market sentiment given the development of the Russian -Ukrainian war crisis that continued to raise investor concerns in the market.
The US dollar, meanwhile, met forecasts for a return to strengthen despite a weak move earlier in the week as Russia prepares to negotiate with Ukraine.
While negotiations are still ongoing, Russia has no intention of stopping its attacks and aggression causing market sentiment that had previously slightly recovered to return to risk.
On the price chart of the GBP/USD pair, the price is seen to have resumed its decline with yesterday’s daily decline recorded around 130 pips.
Prices slipped from the highs reached at the beginning of the European session yesterday around 1.34370 and almost touched the 1.33000 level in the New York session.
The bearish trend change signal returns again when the price falls below the Moving Average 50 (MA50) barrier level on the 1 -hour time frame.
The lower price is expected to pass the current support level at 1.33000 with the target towards the support zone 1.32000-1.31700.
The zone was tested in December trading last year but prices failed to break into lower levels.
On the other hand if the market situation changes and the price rises again, the zone around 1.34000 will be re -tested like trading earlier this week and last weekend.
The higher rise that is successfully continued for the change of the bullish trend will be towards the level of 1.35000 to re -test the SBR zone (support become resistance).
