GBP/USD Technical Analysis: Holds above 100-hour SMA post-UK PMI, bullish continuation pattern spotted on hourly charts

   •  The pair has been correcting over the past two trading session and the downtick has been along a descending trend-channel formation on the 1-hourly chart.

   •  Given the recent sharp rebound from over two-month lows, the mentioned channel constitutes towards the formation of a bullish continuation flag chart pattern.

   •  Meanwhile, the pair has managed to hold its neck above 100-hour SMA following the release of slightly better UK Services PMI, pointing to the prevalent dip-buying interest.

   •  However, mixed technical indicators on hourly/daily charts warrant some caution before placing any aggressive bids and ahead of today's key release of the US jobs report.

   •  Hence, it would be prudent to wait for a convincing break in either direction before traders start positioning for the pair’s next leg of a directional move.

GBP/USD 1-hourly chart