GBP/USD looking to springboard higher off of 1.3550, but downside pressures remain

• The GBP is trading softly up in the new week, but Monday is looking to be a quiet affair.
• UK earnings dropping on Tuesday will liven things up significantly if the numbers deviate from forecasts.

The GBP/USD is trading up ahead of the upcoming London market session, trading just beneath 1.3575.

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The Sterling has been stapled to the 200-day SMA for six straight tradings days, and traders are looking for a change in the underlying fundamentals before picking a direction. Monday should be a quiet session with little on the economic calendar, but Tuesday will be bringing earnings figures for the UK, and GBP bulls will be hoping that the report beats the forecast reading of 3.1% (prev. 2.8%). Waning economic figures have driven the Bank of England (BoE) off of their hawkish stance, and the central bank had to pull the plug on an expected rate hike recently as the UK's economy struggles under the weight of a worse-than-expected slump.

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GBP/USD levels to watch

FXStreet's Chief Analyst, Valeria Bednarik, on the Sterling's current lack of direction, and what that means for the pair from a technical aspect: "the daily chart shows that the pair has been pivoting around the current level with no definitions ever since the week started, which helped technical indicators  correct partially extreme oversold conditions, falling short, however, of suggesting a bottom has been placed, as such indicators remain directionless well into negative territory, while the 20 DMA maintains a strong bearish slope far above the current level. In the 4 hours chart, the technical outlook is neutral for the short-term, as the pair keeps hovering around a flat 20 SMA, while technical indicators move back and forth around their mid-lines, failing to provide clear directional clues. The pair fell this past week to 1.3459, making of the level a strong support and the level to break to anticipate a downward extension ahead."

Support levels: 1.3500 1.3460 1.3420

Resistance levels: 1.3590 1.3620 1.3665