GBP/USD falls to a one-month low

Cable continues to erase the steep losses from the start of the year as it creeps higher. GBP/USD is up 76 pips on the day to 1.5441, narrowly rising above Friday's high.

The Dec 23 low of 1.5486 is the next level of technical resistance and that also coincides with the 61.8% retracement of the fall since late-November. That's followed by the yearly highs and the 100-day MA at 1.5616.

Greg had a more-detailed look at the technical picture earlier. (GBPUSD rallies but stalls at the week highs)