The GBP/USD pair seems unable to pick up, now retreating after advancing up to 1.5087 with the European opening. With no news in the UK in an usual lackluster Monday, market's sentiment towards the Pound has changed dramatically last week, as the Bank of England downgraded its inflation and growth forecast, which diminish chances of a rate hike in the kingdom, whilst much better-than-expected US employment figures suggests the American country will trigger its first rate hike in nearly a decade next December.
The pair is pretty much consolidating its latest decline, and the upside seems well limited, as the 4 hours chart shows that the price is well below a sharply bearish 20 SMA, whilst the technical indicators have corrected some of their extreme oversold conditions before turning flat in oversold territory.
An upward acceleration above 1.5090, could lead to further advances, up to the 1.5130/50 price zone, whilst above this last, the rally can extend up to 1.5185, without actually affecting the bearish trend. A downward move below 1.5026, Friday's low, should open doors for a steadier decline, with 1.4980 as the first short term target.
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