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GBP/USD has staged a recovery after having tested 1.3100 earlier in the day. Although the dollar keeps its footing on Monday, the British pound stays resilient. BOE Deputy Governor Jon Cunliffe reiterated that further monetary tightening may be necessary.
GBP/USD continues to trade below the 100-period SMA on the four-hour chartand the Relative Strength Index (RSI) indicator is retreating toward 40, confirming the bearish shift in the near-term technical picture.
On the downside, 1.3100 (Fibonacci 23.6% retracement, psychological level) aligns as key support. In case the pair makes a daily close below that level, sellers could show interest and drag it toward 1.3050 (static level) and 1.3000 (psychological level, static level).
Initial resistance is located at 1.3140 (100-period SMA) ahead of 1.3160 (static level, Fibonacci 38.2% retracement) and 1.3200 (psychological level, Fibonacci 50% retracement
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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