FXStreet suggests that downside risk remains for the cable below the 1.4018 pivot. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, expects the GBP/USD pair to fall towards the 1.3571 July low.

“GBP/USD spent last week consolidating below the 61.8% Fibonacci retracement at 1.3990. We look for the market to remain capped by the 1.4018 pivot and we would allow for failure.”

“Initial support is the 1.3786 21st June low ahead of 1.3735 2 nd July. The 200-day ma lies at 1.3760.”

“Our target is the 1.3571 July low.”