The Pound Sterling traded lower after investors focused on the outcome of last week's Bank of England (BOE) policy meeting.
At the end of the week, UK economic growth data was also published which recorded a contraction in March, adding to the pressure of the currency movement.
Meanwhile, the US dollar excelled showing strengthening throughout the week following the influence of risk-off sentiment with concerns about the debt ceiling issue in the United States (US) which is currently in focus.
A change in the price pattern was observed on the chart of the GBP/USD currency pair last week which was bearish with a decline taking place.
After the price high was initially reached at 1.26800 when the reaction to the US inflation data was published, declines were exhibited until it finally reached 1.24500 at the end of the last session of the week.
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As expected before, if the price drop continues, the 1.24000 level is seen to be the focus to hit.
If the breakout is lower, the bearish movement will continue for the price towards around 1.23000.
However, if the price starts to rise again this week, the resistance that needs to be tested is at the 1.25000 level in addition to the Moving Average 50 (MA50) barrier on the 1-hour timeframe on the GBP/USD chart.
If successful, a higher rise will be expected to reach the previous concentration level of 1.26000.
Next, the height reached last week will be challenged before the latest height level will be recorded.
