FxWirePro: GBP/USD positions for another climb, eyes 1.3400 level

• GBP/USD moved higher on Monday as the dollar softened investors looking forward to more details on the U.S.-China trade negotiations

• On the data front, UK industrial and manufacturing production figures, the NIESR monthly GDP estimate, S&P’s construction PMI, and final readings of the services and composite PMIs is due this week.

• The main event will be Thursday’s BoE interest rate decision. The BoE is widely expected to hold interest rates at 5.25% on Thursday, but markets will focus on any shift in the vote split or dovish signals.

• Market participants are also eyeing comments from Bank of England Governor Andrew Bailey and MPC member Huw Pill, both scheduled to speak on Friday.

•   Immediate resistance is located at 1.3329(SMA 9), any close above will push the pair towards 1.3449(23.6%fib)

•  Strong support is seen at 1.3258(38.2%fib) and break below could take the pair towards 1.3205(April 17th low).

  Recommendation: Good to buy  around 1.3310, with stop loss of 1.3260 and target price of 1.3400