British pound declines ahead of PMI reports.U.S. Dollar Gains Ground Against British Pound.GBP/USD is currently trying to settle below the support at 1.3535 while U.S. dollar is gaining ground against a broad basket of currencies.The U.S. Dollar Index continues its attempts to settle above the 20 EMA at 95.70. In case the U.S. Dollar Index manages to settle above this level, it will gain upside momentum and move towards the next resistance at 96 which will be bearish for GBP/USD.
Technical Analysis.GBP/USD managed to settle below the 20 EMA at 1.3570 and is currently trying to settle below the next support level which is located at 1.3535. In case GBP/USD declines below the support at 1.3535, it will head towards the next support at the 50 EMA at 1.3510.
A successful test of the support at the 50 EMA at 1.3510 will push GBP/USD towards the support at 1.3490. If GBP/USD declines below this level, it will head towards the next support level at 1.3465.On the upside, the previous support at the 20 EMA will serve as the first resistance level for.
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