The GBP/USD currency pair chart on Tuesday yesterday showed a daily decline of around 120 pips as the US dollar managed to put pressure on the Pound currency.
In a cautious atmosphere in the market, the US dollar showed a strengthening as new concerns arose with the threat of a 50% tariff on copper imports.
However, the market did not show a prolonged reaction to the announcement, seeing the US dollar's momentum fade again until trading resumed today (Wednesday).
If observed, the price showed a slow increase since yesterday's Asian session before the plunge began around the 1.36400 level.
The price, which was seen to fail to break through the Moving Average 50 (MA50) barrier line on the 1-hour time frame on the GBP/USD chart, plunged below 1.36000 and reached a daily low around 1.35300.
However, the price is seen to rebound and hover between the 1.35700-1.36000 zone while testing the MA50 barrier again.
If the price decline continues after this, the level reached yesterday will be surpassed and then towards the 1.35000 focus zone.
On the other hand, if the price increase exceeds the 1.36000 level and the MA50 barrier, there is potential for the price increase to be displayed towards the end of this week.
The target for the initial price increase is towards 1.37000 before continuing higher to last week's resistance zone at 1.38000.
