The GBP/USD pair trades lower this Monday, but recovered quite quick above the 1.4400 level after falling down to 1.4374. The strong rally seen over the past three weeks have came to a pause this Monday, with the price retreating from the psychological 1.4500 figure, and back below the 61.8% retracement of this year slide after a brief advance beyond it.
The lack of macroeconomic releases in the UK will likely keep the Pound under pressure this Monday, but the rest of the week will be far more interesting than the previous one, as starting tomorrow, a series of figures will see the light, starting with inflation and retail sales data.
In the meantime, the 4 hours chart shows that the price is bouncing from a bullish 20 SMA, while the technical indicators are recovering their bullish slopes within bullish territory after correcting the extreme overbought readings reached late last week.
Nevertheless, the pair needs to advance beyond 1.4445, the mentioned Fibonacci level, to be able to rally further towards the highs set at 1.4515. It would take a break below the mentioned daily low to see the pair extend its decline down to 1.4320, the 50% retracement of this years' decline.
View the live chart of the GBP/USD
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