GBP/USD: Failing to stage a significant recovery

GBP/USD is floating in a low range, failing to stage a meaningful recovery. Monday's four-hour chart is pointing to further losses, as FXStreet’s Yohay Elam notes.

Key quotes

“Momentum on the four-hour chart remains to the downside, and the Relative Strength Index is above 30 – outside oversold conditions. Cable trades below the 50, 100, and 200 Simple Moving Averages.”

“Support awaits at the daily low of 1.1530, followed by the 35-year low of 1.1414.”

“Resistance is at 1.1713, the daily high, followed by 1.18 a round number that was a swing high last week.”