GBP/USD Not Consolidating, Falling Again at the Beginning of the Week

<p>&nbsp;The bearishness occurred again on the chart of the GBP/USD currency pair at the beginning of the week yesterday, reducing some of the gains made at the close of last week.</p><p><br /></p><p>On Friday, prices recorded a daily increase of up to 200 pips following the reaction to the publication of the US NFP employment report declined.</p><p><br /></p><p>A decline of around 80 pips was exhibited yesterday after the initial rally had reached a recent high of around 1.24200.</p><p><br /></p><p>The price has dropped back below the 1.24000 zone and closed the New York trading session around the 1.23400 level.</p><p><br /></p><p>Slow price movement in the Asian session this morning (Tuesday) as prices are seen testing the support level of the Moving Average 50 (MA50) on the 1-hour time frame on the GBP/USD chart which may indicate further price movement.</p><p><br /></p><p>The price drop is seen to continue approaching the 1.23000 zone to also react before continuing the movement.</p><p><br /></p><p><br /></p><p>If the US dollar still manages to maintain yesterday's strengthening, the price is likely to be pressured to fall lower below the 1.23000 zone.</p><p><br /></p><p>After the bearish signal is identified, the price is expected to decline towards the previous concentration level around 1.22000.</p><p><br /></p><p>But if the price manages to show a surge again, the 1.24000 zone will be tested again as a resistance that needs to be broken.</p><p><br /></p><p>If it breaks through to a higher level, the price will target 1.25000 to record the latest high level again.</p>