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GBP/USD Forecast: dominant bearish trend firm in place

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The GBP/USD holds ground above the 1.4900 level, but shows little aims to go higher in this ultra-thin Monday. The consolidative phase that began when the pair recovered from its multi-month low of 1.4804 extends into this week, although the bearish dominant trend remains well in place, with the pair developing within a daily descendant channel since mid September.

Technically, the 4 hours chart shows that the price is holding above its 20 SMA, while the Momentum indicator has lost upward strength and now heads south above its 100 level, while the RSI indicator holds steady around 55, reflecting the ongoing range and limiting the downside.

The latest bounce has been so far contained by selling interest around 1.4950, the immediate short term resistance and the level to break to confirm a rally up to the critical 1.5000 figure. Below 1.4890 on the other hand, the pair can ease down to 1.4850/60, the support to break to see a retest of the mentioned multi-month low of 1.4804.

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