Price movement on the GBP/USD currency pair chart was seen to be flat at the close of last week as there was a slow uptrend attempt.
The resistance zone at 1.36000 remains a barrier to higher price increases while investors watch for signs of a trend change.
The price increase in the trading sessions of the last week only reached around 1.35700 before the price movement remained flat until the opening of trading early this week.
The price movement hovering around the Moving Average 50 (MA50) line on the 1-hour timeframe on the GBP/USD chart is being watched for further direction.
Flat throughout the Asian session today around last week's closing level, the price began to show signs of a slow decline as trading shifted to the European session.
The performance of the US dollar will be watched this week to assess any changes in price direction in addition to the focus events that are also expected to influence the market.
If the price continues to decline further, the current support level at 1.35000 is seen as the initial target to be tested.
A break lower will push the price towards last week's focus level at 1.34000.
However, if the price manages to gather strength to rebound, the resistance zone of 1.36000 needs to be broken so that the bullish trend can continue.
For a higher increase, the price target will move to 1.37000 to record the latest 7-week high.
