GBP/USD edged down to a 5-day low of 1.4633 amid talk of heavy GBP/JPY sales from a UK account. This also pushed EUR/GBP up to a 2-day high of 0.6386.
However, the GBP is widely expected to find support later today from a generous UK 2001 Budget package.
The outlook is mixed to slightly bearish, with GBP/USD stuck within Friday's range.

Support: 1.4634 (overnight low), 1.4666 (38.2% Fibonacci retracement level of the Nov.-Jan. rally), 1.4550 (100-day moving average), 1.4534 (50% Fibonacci retracement level of the Nov.-Jan. rally), 1.4515 (20-day moving average), 1.4402 (61.8% Fibonacci retracement level of Nov.-Jan. uptrend), 1.4319 (Feb. 20 low; 2 1/2-month low), 1.4311 (Dec. 5-6 lows), 1.3966 (Nov.24 trough).
Resistance: 1.4723 (overnight high), 1.4684 (60-day moving average), 1.4756 (March 2 high), 1.4830 (Feb. 5 high), 1.5031 (Jan. 12 high), 1.5043 (50% Fibonacci retracement level of Oct. 1999-Sep. 2000 downtrend), 1.5100 (Jan. 8 high; 5-month high).