The price movement on the GBP/USD currency pair chart at the opening of the early week yesterday was still seen hovering in the 'magnetic' zone of 1.3300 as at the close of last week.
The situation was driven by the mixed movement of the US dollar currency which weakened in the Asian and European trading sessions yesterday, but strengthened again in the following session.
The ISM survey of the United States (US) service sector for April was published strongly in the New York session yesterday, exceeding the forecast figure, thus recovering from the reading in March which fell to a 9-month low.
Thus, the strengthening of the US dollar again pressured the price on the GBP/USD chart to fall again from continuing the rise in the previous session.
The opening of the Asian session yesterday saw the price start from around 1.32600 before the rise continued in the European session beyond the 1.33000 level.
After reaching the daily high of around 1.33300, the decline was displayed again below 1.33000 again.
Prices remained hovering below the focus zone continuing trading in the Asian session this morning (Tuesday) in addition to also testing the Moving Average 50 (MA50) line on the 1-hour timeframe on the chart.
If the US dollar manages to maintain its strength, prices will be pushed lower after this, which is likely to surpass last week's trading low at 1.32600.
Furthermore, prices will continue the downward pattern towards the next focus zone at 1.32000.
However, it is not impossible for prices to move in the opposite direction with a surge that surpasses the 1.33000 zone.
With a strong signal, prices have the potential to reach around 1.34000 to return to the resistance zone to be tested.
