The price movement range on the GBP/USD currency pair chart was seen to be slower on Tuesday, as investors began to shift their focus to important economic data.
This situation is also seen to limit the continuous downward pattern of prices that has been displayed for several days since last week's trading.
Compared to 100 pips on Monday, the daily decline on Tuesday was only around 50 pips, approaching the 1.33000 level.
The strengthening of the US dollar was not as aggressive as before, following the JOLTS data for June recording the number of jobs offered in the United States (US) slower than expected.
The price rebound was displayed in trading towards the close of the New York session, which then ended at around 1.33500.
The price movement remained slow around that area in trading that continued into the Asian session this morning (Wednesday), but was still seen to be below the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the GBP/USD chart, which shows a bearish signal.
The price decline is likely to continue if the ADP employment data and the US economic growth report published later support the strengthening of the US dollar.
The support level of 1.33000 will be tested and will be attempted to be broken before the price records a decline to the latest 11-week low.
The next target will shift to around 1.32000 if the decline continues.
However, if the price makes an increase beyond the MA50 barrier, the 1.34000 level will be tested as a resistance to be overcome before signaling a trend change again.
The price increase will then head towards around 1.35000 and then continue to the 1.36000 resistance zone.
