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Technical Analysis: GBPUSD stays above 1.3100 support confluence before key UK PMIs

Considering the recent improvement in the UK's data-points, today's preliminary readings of Markit PMIs become the key for the GBPUSD traders. In addition to the fundamentals, technicals also portray the pair's strength as it holds beyond 200-bar SMA and the weekly support line, around 1.3110/3100. Also providing support to the pair is 61.8% Fibonacci retracement near 1.3085. Should prices fail to respect the key Fibonacci support, 1.3015 can please the sellers. However, an upward sloping trend line since late-November, at 1.2985 now, could challenge further declines.

On the upside, 1.3150 and 1.3210 can entertain buyers during the pair's short-term advances ahead of the December 31 top near 1.3285. In a case where the bulls dominate beyond 1.3285, 1.3310 and 1.3420 could act as buffers prior to pushing the optimists towards the December month high near 1.3515.

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