GBP/USD Flattening Below $1.2100, Price to Fall Further?

<p>&nbsp;The price movement on the chart of the GBP/USD currency pair showed a flat pattern on Tuesday yesterday compared to the decline displayed at the beginning of the week.</p><p><br /></p><p>The strengthening momentum of the US dollar started to slow on Tuesday yesterday as investors were seen to be cautious ahead of the release of some important data towards the end of the week including ADP and NFP jobs in the United States (US).</p><p><br /></p><p>On the GBP/USD chart, the price is flat below the 1.21000 level where the upside has touched that level but the price has failed to break through.</p><p><br /></p><p>The lowest level of the price is around 1.20500 which is seen as a support level during the current price, but it is not impossible to break through in the near future.</p><p><br /></p><p>This is because the price movement trend is still bearish even though it was relatively flat yesterday, with the price remaining below the Moving Average 50 (MA50) barrier on the 1-hour timeframe on the GBP/USD chart.</p><p><br /></p><p>A lower decline will be expected by investors to surpass yesterday's level and then aim to reach 1.2000.</p><p><br /></p><p><br /></p><p>If it breaks lower, a focus is seen at around 1.19400 for the price to continue to record the latest 7-month low.</p><p><br /></p><p>However if the price surges past the 1.21000 resistance, it will be an early indication for a possible price trend change.</p><p><br /></p><p>It will also cross the MA50 barrier, the price will make an increase again towards the 1.22000 level to test the resistance.</p><p><br /></p><p>ADP employment data and the US service sector ISM survey will be published in the New York session tonight and are expected to influence further price movements.</p>