GBP/USD Loses Upside Momentum And Weakens

GBP/USD: Loses Upside Momentum, Weakens

GBP/USD: GBP reversed its Friday gains during Monday’s trading session, and the risk is more weakness could occur. While holding below its cluster of resistance at the 1.5689/77 zone, further decline is likely towards the 1.5550 level, where a break, if seen, will aim at the 1.5500 level. A turn below here will shift attention to the 1.5450 level. Further down, support comes in at the 1.5400 level. Its daily RSI has turned lower, suggesting further weakness. Conversely, resistance resides at the 15650 level, followed by the 1.5700 level. A turn above here will open the door for a run at the 15750 level. On the whole, GBP faces the risk of a move lower on correction.

GBP/USD Daily Chart

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