The GBP/USD currency pair chart began to show a downward trend again at the opening of the week yesterday.
The US dollar strengthened ahead of the release of the latest US inflation data in the New York session today (Tuesday) which is expected to show an increase in the number for July.
Meanwhile, the Pound currency did not show significant movement when the UK jobs report was published early in the European session.
If observed, the price moved slowly around the 1.34300 level after a rebound from the 1.34000 level following yesterday's price decline.
The price being below the Moving Average 50 (MA50) resistance line on the 1-hour timeframe on the GBP/USD chart suggests a bearish movement, but investors will wait for the US CPI data to be published first.
If the US dollar strengthens, the price will be pressured to fall through the current support level of 1.34000 and towards the focus level of 1.33000.
A break lower would push the price to 1.32000 or even record a new low above the July level.
However, if the US dollar weakens, the price could rebound higher with the 1.35000 resistance level being tested for a breakthrough.
A higher rise could occur to re-target the previous 1.36000 resistance zone for a new 3-week high.
