No changes occurred to the positioning of GBP/USD on Monday. Lack of outside pressure resulted in the pair remaining between the 100– and 200-hour SMAs in the 1.3100/50 area. It does show a slight tendency upwards along the bottom channel line.
The Pound failing to pick up momentum during the previous trading sessions allows to think that some bearish pressure could dominate the pair in the short term. This move should still be confirmed with a southern breakout of the 55– and 200-hour SMAs. In case this occurs, the Sterling should approach the weekly S1 at 1.3040.
Conversely, the rate surpassing the 100-hour SMA would result in a test of the 50.00% Fibonacci retracement, the weekly R1 and the 200-period (4H) SMA at 1.32.
