The British Pound recovered most of the ground lost last Friday against the greenback at the beginning of the week, having traded as high as 1.5365 so far today. By the end of the London session, the UK will release its CB Leading economic index for September, hardly a market mover, whilst the MPC Weale will offer a speech at the University of Groningen.
Technically, the GBP/USD pair maintains its bullish tone intact, as the 4 hours chart shows that the technical indicators have bounced from their mid-lines and maintain their upward slopes, whilst price is now above its 200 EMA and the 20 SMA, this last presenting a clear bullish tone. The pair has continued to find buying interest on approaches to the 1.5300 level this Monday, which means only a clear break below it may lead to a downward corrective movement towards the 1.5250/60 price zone where strong buying interest awaits.
To the upside, the pair has stalled last week at the 61.8% retracement of its latest daily decline at 1.5382, which means some follow through beyond it is required to confirm an upward continuation towards 1.5445, the 61.8% retracement of the same decline.
View the live chart of the GBP/USD
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