GBP/USD dipped below 1.3500 in the early European session but managed to erase a small portion of its daily losses in the second half of the day. In the absence of high-impact data releases, the pair is fluctuating in a relatively tight range on Monday.
The Fibonacci 38.2% retracement level of the latest uptrend seems to have formed support at 1.3520. In case GBP/USD falls below that level and starts using it as resistance, 1.3500 (Fibonacci 50% retracement, 50-period SMA on the four-hour chart) aligns as the next bearish target before 1.3460 (Fibonacci 61.8% retracement).
On the upside, the initial hurdle is located at 1.3560 (Fibonacci 23.6% retracement) ahead of 1.3600 (psychological level) and 1.3630 (Feb. 3 high).
