GBP/USD Monday's four-hour chart is pointing to losses for the cable. Commerzbank agrees with this view, as the currency pair remains directly offered below the 200-day ma at 1.2297.

GBP/USD is suffering from downside momentum on the four-hour chart and trades below the 50, 100, and 200 Simple Moving Averages – all bearish signs. Moreover, it is capped by a downtrend channel that hits the price at around 1.2220.