The GBP/USD currency pair chart opened lower below the 1.34000 level in the Asian session this Monday morning due to the increasingly turbulent war conflict in the Middle East.
The United States (US) attacking Iranian nuclear facilities on Sunday is seen to further worsen the situation of the Iran-Israel war that has been going on throughout last week.
The risk-on market sentiment that drove the strengthening of the US dollar at the opening of the week has pushed the Pound currency down to last week's support level.
However, the price is still seen to be slow to trade throughout the Asian session this morning as the market is still awaiting further developments after the US attack on Iran.
If observed last Friday, the price on the GBP/USD chart tested the 1.35000 level but failed to break through to higher levels.
Pressure on the Pound was seen at the opening of the week after opening below the 1.34000 zone but there was a slow rebound.
The price movement is limited below the Moving Average 50 (MA50) resistance line on the 1-hour time frame of the chart, suggesting a bearish trend for the price.
Further declines are expected to move below the 1.34000 zone and record a fresh 5-week low.
A lower decline will push the price towards the next support zone at 1.33000.
If the price manages to bounce higher from the 1.34000 zone, the 1.35000 resistance tested last week will come back into focus.
Breaking through that resistance will suggest a higher rise towards the 1.36000 resistance zone tested a few weeks ago.
