The price movement on the chart of the GBP/USD currency pair is seen to continue the decline at the beginning of the week yesterday, but the momentum is seen to be slower than last Friday.
After a plunge of 140 pips on Friday, the price resumed its decline of around 80 pips on Monday yesterday.
The US dollar is seen to have managed to maintain the strengthening it displayed since the end of last week and pressured the Pound currency to decline again.
However, analysts warned that at any time the US dollar could weaken again based on expectations for the Federal Reserve (Fed) increasingly moving to a looser monetary policy.
The market will be watching the components of the UK employment data that will be published in the European session soon which will influence the movement of the Pound.
On the GBP/USD chart, yesterday's continued decline saw recent lows hit around 1.23530 before prices rebounded weakly at the close of the New York session.
Continuing trading today (Tuesday), the slow movement below the 1.24000 zone is expected to remain on a bearish trend where the price is still below the Moving Average 50 (MA50) barrier level on the 1-hour time frame on the GBP/USD chart.
If the decline continues today, the price is seen to go to the concentration zone at 1.23000 which is expected to be a support for the price.
Whereas if the price drops lower, the 1.22000 zone will be the main target to be tested with a clearer bearish signal.
However, if the price bounces back past the 1.24000 zone, an indication of a re-trend will be assessed for investors to prepare for a possible higher move.
The price increase will test resistance at the 1.25000 zone before the height reached last week will try to go above.
Next, the latest high level will be recorded if the price continues to rise again with the latest target being at the height zone around 1.26000.
