FxWirePro: GBP/USD uptrend loses steam, remains on bullish path

• GBP/USD edged lower on Monday as the greenback found modest support amid reduced liquidity ahead of New Year.

• Trading has been subdued in Britain over the Christmas holiday period and remains thin as markets head toward the New Year break.

• Pending home sales in the United States rose 3.3% month-on-month in November, far exceeding expectations, according to a report released by the National Association of Realtors on Monday.

• The Pending Home Sales Index   rose across all regions, posting gains on both a month-on-month and year-on-year basis.

• UK manufacturing activity data due on Friday will offer the next insight into the health of Britain’s economy, with key inflation and employment figures not scheduled until well into January.

•   Immediate resistance is located at 1.3545(Higher BB), any close above will push the pair towards 1.3642(23.6%fib)

•  Strong support is seen at 1.3475(38.2%fib) and break below could take the pair towards 1.3378(SMA 20).

  Recommendation: Good to buy around 1.3470, with stop loss of 1.3400 and target price of 1.3550