The GBP/USD trades lower this Monday, reaching so far a daily low of 1.5546 and bouncing slightly higher from there, although biased to the downside according to the 4 hours chart: price is back below its 20 SMA, while indicators head south nearing their midlines; moreover, the pair was unable to sustain gains above the 200 EMA, still flat around the 1.5610 area. Market sentiment remains positive, with local share markets above past Friday’s close but the euphoria seen by the end of past week is gone. Coming back from the top of these last 2 months’ range an acceleration below recent low should open doors for a downside continuation towards the 1.5490/1.5500 area, followed later by key 1.5440 price zone.

To the upside, only steady gains above 1.5610 will favor an upward spike towards the 1.5660 area, quite unlikely at the time being.


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