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GBP/USD benefits from the US dollar weakness and rises to 1.2490 on Monday. In doing so, the cable registers 0.07% gains and stretches Friday’s gains to challenge the monthly top beyond 1.2500 but a break above 1.2550 is needed for a deeper move higher, analysts at OCBC Bank brief.

Key quotes

“A slight positive bias to start this week, but any significant positive traction should only materialize if the cable can breach 1.2550 on a sustainable basis.”

“Note that short-term implied valuations are implicitly heavy.” 

“In the interim, 1.2400 would be a firmer base to the interim floor at 1.2450.”