Technical Analysis: GBPUSD holds Friday's gap-up, Bulls target 1.3500 before UK PMI
GBPUSD stays well above Friday's gap-up beyond five-month-old resistance turned support ahead of the preliminary readings of British PMIs. With this, Cable Bulls take aims to 1.3500 while early-May 2018 top surrounding 1.3620 could lure buyers afterward. In a case where prices manage to stay beyond 1.3620, pair's rise to February 2018 low near 1.3715 could well return to the chart.
On the contrary, a daily closing below the five-month-old rising trend line, at 1.3280 now, can trigger the pair's fresh selling. The same could drag Bears to 21-day EMA level of 1.3075 and then to the October month top near 1.3000 round-figure. It's worth mentioning that the quote's downpour below November lows beneath 1.2765 could change the trend in favor of sellers.