GBP/USD: technically stable and better bid, 1.3275 eyed - FXStreet

Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair erased all of its weekly losses and settled a couple of pips above Friday's close, having traded as high as 1.3157 early Europe. 

Key Quotes:

"There were no macroeconomic releases in the UK, but EUR and JPY weakness contributed to a rally in the British currencies, with the crosses rallying to fresh multi-week highs. On Thursday, the UK will release is final Markit Manufacturing PMI for August, expected at 49.0 from 48.2, and if that's the case, the Pound may continue advancing.

The technical picture for the GBP/USD pair continues favoring an upward extension, given that in the 4 hours chart, the 20 SMA has turned flat below the current level, whilst the price settled above 1.320, a strong Fibonacci support. In the same chart, the Momentum indicator is advancing above its 100 level, whilst the RSI indicator consolidates around 50, limiting chances of a downward move."