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FxWirePro: GBP/USD uptrend gains momentum but hurdles ahead

• GBP/USD rebounded   on Monday as investors paused after Friday's selloff driven by fiscal concerns.

• Sterling had dipped last week weighed down by mounting concerns over the UK’s fiscal outlook, including higher-than-expected government borrowing and uncertainty around upcoming policy measures.

• Looking ahead, attention will center on the flash PMIs, while several Bank of England officials are also scheduled to speak.

• At GMT 15:29, Sterling was last up 0.13% on the dollar at 1.3502.

•  Immediate resistance is located at 1.3524 (SMA 20), any close above will push the pair towards 1.3585(38.2%fib).

•  Support is seen at 1.3457(50%fib) and break below could take the pair towards 1.3361(Lower BB).

Recommendation: Good to buy around 1.3480, with stop loss of 1.3400  and target price of 1.3570
 

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