Investors remain cautious for the final trading sessions of the week with the focus remaining on global tariff developments.
Focus for the end of the week, UK economic growth data is published at the opening of the European session and influences the movement of the Pound currency in the market.
The Pound has already experienced pressure in the European session yesterday as the US dollar showed a strengthening of value until the opening of the New York session.
This can be seen in the movement of the GBP/USD currency pair chart which hovers in the 1.36000 focus zone yesterday.
Weak movement since the Asian session and the opening of the European session yesterday was seen at around 1.36000 before the price began to make an 80 pip drop to reach 1.35330.
However, at the close of the New York session, the price was seen to rebound before the price resumed the opening of the Asian session this morning at around 1.35700.
Still remaining below the Moving Average 50 (MA50) resistance line on the 1-hour time frame of the GBP/USD chart, bearish signals are pushing the price down again.
The published Gross Domestic Product (GDP) report showed that the monthly growth of the UK economy for May contracted to 0.1%.
The price is starting to show signs of continuing the decline lower.
The target for the price to fall is to go to 1.35000 and record a new low.
Beyond the 1.35000 level, expect the support at 1.34000 to be broken.
If the opposite situation occurs, the price re-rise is likely to be shown above the 1.36000 zone.
A signal of a price change in the upward direction will place the initial target to be reached at 1.37000.
