"While a move below 1.4400 would not be surprising, downward momentum is not strong at this stage and a sustained move below this level appears unlikely."
- UOB (based on FXStreet)
Pair's Outlook
[ANNOUNCE]Weak US employment data on Friday was insufficient to cause the GBP/USD currency pair to rebound, but, nonetheless, the monthly PP managed to limit the losses at 1.4417.[/ANNOUNCE] Technical indicators keep giving bullish signals in the short and medium terms, suggesting that a corrective rally is due. Demand around the 1.44 major level, represented by the monthly PP and the 100-day SMA, is likely to prevent the Cable from falling lower. Immediate resistance lies around 1.4424, namely the 20-day SMA, but gains are expected to stretch beyond the 1.4450 mark.
Traders' Sentiment
Today 58% of all open positions are long, compared to 61% on Friday. At the same time, the number of orders to sell the Sterling increased from 47 to 54%.