GBP/USD Continues Down Again, Tests $1.1900 Support Level


 The positive development of the Brexit issue at the beginning of the week is seen to no longer give the Pound an injection to strengthen.

In fact, the US dollar, which has strengthened again on Thursday's trade yesterday, further pushed the price drop to occur on the chart of the GBP/USD currency pair.

Previously, the risk-on market sentiment with the expectation of China's economic recovery had a depreciating effect on the US dollar as a safe-haven currency.

But Pound failed to take advantage of the opportunity with a dismal performance.

On the GBP/USD chart on the 1-hour timeframe, the price moves below the Moving Average 50 (MA50) barrier level on the 1-hour timeframe signaling a continuation of the bearish movement.

The price drop reached 1.19300 in the New York session yesterday but bounced slightly from the support zone to increase and continue trading to the opening of the Asian session this morning (Friday).

The price is slowly hovering around 1.19700 with expectations that further declines could occur today.

The 1.19000 support zone will continue to be the focus to be tested if the price decline occurs, and if the price manages to break through lower, the 1.18800 level will try to be surpassed.

The price can reach the support zone target at 1.18000 if the US dollar continues to strengthen.

However, if the situation changes at the end of the week by showing a rise again, the initial resistance to be tested is at the 1.20000 zone.

After rising higher, the price is seen to return towards the 1.21000 level or the 1.21400 resistance again.