The GBP/USD currency pair closed Monday’s trading session with a solid 91-pip gain. The biggest surge occurred mid-day when the Pound dashed through 1.4313 – its highest position since the Brexit vote in June 2016—and reached the weekly R1 at 1.4335 later in the evening.
As apparent on the chart, the pair has started to consolidate near this mark, indicating that bulls might need some time to regain their momentum.
Being located in the overbought territory, technical indicators have already started to move lower. Thus, even if some upward movement is apparent during the first part of the day, the pair is unlikely to reach the weekly R2 and should remain below the 1.44 mark.
Meanwhile, significant support is set by the 55– and 100-hour SMAs and the monthly R1 near 1.4260.
