The GBP/USD pair rallied as the Dollar Index turned to the downside. As long as it stays within the up channelās body, the currency pair could try to approach and reach new highs. Only a new lower low could activate a larger drop. The GBP/USD price edges higher as the USD is weighed by the DXYās drop. The Dollar Index started to drop after better-than-expected Eurozone data and the SNB. The Eurozone and German Flash Manufacturing PMI and Flash Services PMI came in better than expected, signaling expansions in both sectors. Still, the DXYās drop could be only a temporary one. –Are you interested in learning more about STP brokers? Check our detailed guide- The GBP/USD pair plunged after the UK reported higher than expected inflation in February. Technically, the price is trapped within an up-channel pattern. Now, it has rebounded after reaching a confluence area. Fundamentally, the UK data came in mixed earlier. The Flash Services PMI was reported at 61.0 points above 58.0 expected versus 60.5 points in the previous reporting period signaling further expansion. On the other hand, the Flash Manufacturing PMI dropped from 58.0 to 55.5 points below 57.0 estimates announcing a slowdown in expansion. Later, the US is to release its Flash Manufacturing PMI and Flash Services PMI. The economic indicators are expected to drop and might signal a slowdown in expansion. For example, the Unemployment Claims indicator could be reported at 210K in the last week, below 214K in the previous reporting period. In addition, the Durable Goods Orders may report a 0.5% drop, while the Core Durable Goods Orders could register a 0.5% growth. Get FREE Forex Signals Now! GBP/USD price technical analysis: Uptrend channel The GBP/USD pair rebounded after reaching the up-channelās support, the up trendline. We have a strong confluence between the up trendline and the 1.3160 key level. Now, it has jumped above 1.3194 static resistance. Stabilizing above it may signal further growth towards the 38.2% (1.3245) retracement level. Also, the price could be attracted by the upper median line (UML) of the ascending pitchfork. –Are you interested in learning more about forex bonuses? Check our detailed guide- As long as it stays above the uptrend line, the GBP/USD pair could try to come back higher. However, dropping and closing below 1.3156 todayās low, a new lower low could open the door for a larger drop. Only a new higher high or breakout above the weekly R1 (1.3258) could signal an upside continuation. Looking to trade forex now? Invest at eToro! Trade Forex Now! 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money Olimpiu Tuns Olimpiu Tuns Olimpiu Tuns graduated with a Master in Business Administration and is a seasoned Market Analyst / Trader / Trainer with 10 years of experience in the financial markets having expertise in Forex, Commodities, Index, Cryptocurrencies, and Stocks. He worked as a Market Analyst for three major brokerage companies, as a prop trader, and as a contributor/content creator for news portals and educational platforms. View All Post By Olimpiu Tuns Majors share Read Next USD/CAD Price Hits 2-Month Lows at 1.25 as WTI Continues to Soar Saqib Iqbal 2 months The GBP/USD pair rallied as the Dollar Index turned to the downside. As long as it stays within the up channelās body, the currency pair could try to approach and reach new highs. Only a new lower low could activate a larger drop. The GBP/USD price edges higher as the USD is weighed by the DXYās drop. The Dollar Index started to drop after better-than-expected Eurozone data and the SNB. The Eurozone and German Flash Manufacturing PMI and Flash Services PMI came in better than expected, signaling expansions in both sectors. Still, the DXYās drop could be only a temporary… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.