The inability of the US Dollar to gain momentum on Monday had positive impact on the GBP/USD exchange rate. The morning and evening sessions did not introduce significant changes to the overall price level, while mid-day was dominated by bulls.
The pair remains bullish for this week, and it seems that traders might target the 2017/2018 high of 1.4313. In case this level is breached, the current surge is expected to continue. This move is unlikely to day, as bulls still need to gather the necessary momentum to do so.
Given that technical indicators are gradually moving away from the overbought area might suggest either consolidation or a minor decline today.
In case no fundamentals erase this assumption, this movement south should not exceed the 55– and 100-hour SMAs near 1.4150.
