GBP/USD was driven by strong upside momentum on Friday that resulted in the pair closing at the 1.2886 mark, as sluggish US Durable Goods Orders sent the rate for a 57-pip hourly surge.
The Pound opened at 1.2934 this session just below the monthly S1 and the weekly R1. Ths level, however, was not sustainable, as bears managed to push the pair back to the 1.2880 area by early Monday.
Technical indicators support the rate edging lower. A significant level of support is set by the weekly PP and the 200-hour SMA near 1.2860. As no strong market movers are expected today, the rate should remain between 1.2860/1.2940.
