Price movement on the GBP/USD currency pair chart began to show signs of rebounding again at the end of last week.
Initially, the price showed a decline before leveling off below the 1.34000 zone with inflation data from the United States (US) and the United Kingdom (UK) observed to have an impact on the US dollar and Pound.
However, further declines did not continue when the price began to move above the 1.34000 zone again.
On Friday, the price rose to around 1.34700 before retreating slightly to close the last trading session of the week lower.
Continuing the opening of the first session earlier this week, the price was seen to slow down and level off above the 1.34000 zone as investors watched for price signals around the Moving Average 50 (MA50) line on the 1-hour time frame on the GBP/USD chart.
The manufacturing and services sector PMI reports for the UK and US this week will influence price movements.
If the price shows a rebound from the 1.34000 zone, it is likely that Friday's level can be overcome and then the price will test the 1.35000 zone.
Beyond the resistance zone, a successful continuation of the price increase will also target 1.36000 in addition to showing a clearer bullish movement signal.
On the other hand, if the price drops below 1.34000, investors will see it as a sign for the price to continue its further decline from the previous pattern.
The latest 9-week low will be recorded with the expectation of a price decline reaching around 1.33000.
