The bearish momentum was back on Monday. The pair gave its recent gains after a short-lived recovery. A new wave of sales pushed the currency pair towards 1.0400. The euro broke 1.0450 on its way downwards. The resistance is seen at 1.0450, the support stands at 1.0400.
If the bearish tone persists we expect a breakout of the level 1.0400. The level 1.0350 is the first sellers’ target.
The pound returned under pressure on Monday. Buyers failed to extend their recovery above 1.25. Bears drove the GBP/USD lower during the European hours. The price dropped from 1.2500 and broke the 1.2400 level ahead of the NY session opening. Sellers maintained the control over the market in the North American session. The current resistance is seen at 1.2400, the support exists at 1.2300.
We expect a renewed selling interest. To trigger additional downward momentum the pound has to break the level – 1.2400. In this scenario sellers may drive the price to 1.2300.
Inability to post fresh highs caused some profit taking after last week rallies. The pair retreated from 118.00 and slightly moved towards 117.00. Sellers met a barrier at the level and stayed around it till the end of the day. The resistance exists at the level 118.00, the support comes in at 117.00.
If the downward pressure persists the price will break 117.00 and will move towards 111.30.
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