It is apparent on the chart that bears who were guiding GBP/USD on Thursday have lost some of their positions, thus leaving the rate rather stable during the last week’s final trading session. A fresh channel down was drawn to show the rate’s movement during the previous week. Its bottom boundary was tested on Friday.
Technical indicators on the hourly time-frame are starting to recover even though the price has not still picked up this trend. In general, it seems that the Pound may still be pushed lower in this session, pressured from above by the 55-hour SMA and the weekly PP. The nearest resistance that should stop significant losses is the weekly and monthly S1s at 1.2930.
This day is likely to be calm with no significant volatility, as no major data releases are scheduled for today.
