Previous weekly lows at 1.5250 proved to be solid resistance last week, despite the usual Monday morning stop-loss run up to 1.5280. The USD remains in demand across all markets so selling any rallies back to 1.5250 with a stop-loss above 1.5300 makes good trading sense.

On the other side of the coin, interbank reports suggest that the market is still quite short of GBP so be patient, wait for the right entry levels, and keep stops tight if selling rallies.