The GBP/USD pair is correcting higher this Monday, helped by a weaker USD and an increasing negative sentiment among stock's traders, although so far, limited.
Having posted a 2-month low of 1.5334 last Friday, the pair trades surged up to 1.5436, where intraday selling interest is containing the upside. Technically, the 4 hours chart shows no upward momentum, as the technical indicators have turned flat in negative territory, whilst the 20 SMA maintains a strong bearish slope around 1.5340.
The longer term outlook is bearish, and a downward extension below 1.5390 should favor additional declines towards the 1.5330/50 price zone, if the dollar is able to regain its charm later on the day.
An upward acceleration above 1.5440 should favor a continuation of the upward corrective move, up to the 1.5490 price zone.
Having posted a 2-month low of 1.5334 last Friday, the pair trades surged up to 1.5436, where intraday selling interest is containing the upside. Technically, the 4 hours chart shows no upward momentum, as the technical indicators have turned flat in negative territory, whilst the 20 SMA maintains a strong bearish slope around 1.5340.
The longer term outlook is bearish, and a downward extension below 1.5390 should favor additional declines towards the 1.5330/50 price zone, if the dollar is able to regain its charm later on the day.
An upward acceleration above 1.5440 should favor a continuation of the upward corrective move, up to the 1.5490 price zone.
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