GBP/USD: limited upward correction

Picture has not changed much across the board as usual on a Monday European session, with majors ranging near Friday’s lows against the greenback. Some limited corrective movements against the dollar are developing particularly among European currencies, although quite shy so far. As for the GBP/USD, the pair trades above 1.4900, still unable to overcome post Payrolls highs around 1.4920 and immediate resistance level. With 4 hours indicators pointing to correct oversold conditions, a recovery above the level could see price extending up to 1.4960, 23.6% retracement of its latest bearish run. 

1.4855 last Friday low on the other hand, remains as immediate support, ahead of 1.4830, this year low. A break below this last should anticipate a bearish continuation for the upcoming days, with 1.4720 price zone as first target.

View Live Chart for GBP/USD


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