The dominance of the US dollar towards the weekend is seen to continue to put pressure on the Pound on price movements on the GBP/USD pair chart.
The minutes of the FOMC meeting published earlier this morning gave an indication that the Federal Reserve (Fed) is aggressive to move in the tightening phase of its policy.
Coupled with risky market sentiment with conflict tensions between Russia and the United States (US) and Europe, will drive the attraction of the US dollar as a safe-haven.
As such, the Pound is seen to be struggling to maintain a good performance likely to continue next week.
After a bullish attempt to reach the resistance level of 1.31700 stalled last Tuesday, the price rebounded and hit a weekly low on Wednesday yesterday testing around 1.30500.
However, in the European and New York sessions yesterday, the price was seen to make an increase but stuck at the level of 1.31000 which is now a resistance for the price where it was previously a support level in early trading of the week.
Investors are still receiving signals for bearish trend movement following the Moving Average 50 (MA50) level on the 1 -hour time frame on the GBP/USD chart is still a barrier to price increases.
The decline is expected to continue again today to head to the support zone at 1.30000 while recording the latest 3 -week low.
On the other hand if the price movement starts to signal for a change of bullish trend with a rise above the level of 1.31000 passing the MA50 barrier, the price will head back to the resistance zone at 1.31700-1.3200.
The zone will return to the focus to be tested after last week’s trading also failed to break it.
A higher rise beyond the zone is seen to be heading towards the target at the height of the resistance zone of 1.33000.