- Societe Generale (based on Business Recorder)
The British currency retreated from intraday gains on Monday, ending the day with a 20-pip loss against the US Dollar . The GBP/USD pair now faces the 2010 low at 1.4230, as it has been trading in a strong for the last five weeks. A sharp decline on Friday opened the door for a corrective rally up to 1.4440, where the down-trend lies; however, the weekly PP and monthly S2 form a rather strong supply around the 1.4380 area. Meanwhile, the and the weekly S1 should limit the dips in case UK fundamentals disappoint and push the Pound lower.
For the fourth weekday in a row market sentiment remains unchanged at 63%. The share of sell orders slid from 65 and 63%.