The strengthening of the US dollar early yesterday prompted further declines on the GBP/USD currency pair chart.
The price, which broke through the 1.34000 level, is seen maintaining a downward trend for the third consecutive day after last week's increase failed to surpass the 1.36000 zone.
In addition to the Pound showing a declining performance at the end of last week, the extended decline was driven by the successful trade agreement reached between the United States (US) and the European Union (EU) last Sunday which supported the strengthening of the US dollar.
The price is currently moving below the Moving Average 50 (MA50) resistance line on the 1-hour time frame on the GBP/USD chart, maintaining the current bearish trend.
The decline in price until yesterday's New York session was seen reaching 1.33500, which is the latest low price in the 10-week trading period.
The price is hovering around that area slowly in the Asian session this morning (Tuesday) with expectations of further declines to continue.
The next target is the 1.33000 focus zone, the last price trace in that area on May 19.
Meanwhile, for the expectation of a price increase if it occurs, the rebound will test the 1.34000 level with an interesting reaction to be observed.
If it breaks through that level and the price also overcomes the MA50 barrier, it will trigger a signal for a change in the price trend.
The initial price increase can continue back to around 1.35000 before extending to higher levels.
