Today, the UK Services PMI for September will be released. The figure is expected at 53.5 points, down from 54.2 points recorded a month earlier. How will this impact the GBP/USD pair?

Ahead of the release of key data, GBP/USD is holding above the psychological level of 1.3500, though it has yet to gain traction after yesterday's rebound from 1.3450, the lowest level in more than two weeks. Stronger UK services sector activity could provide moderate support for the pound, but the market's immediate reaction is likely to remain subdued due to ongoing demand for the US dollar following its recent weakness.

Conversely, a weaker index could trigger renewed downside in GBP/USD, given the Bank of England's dovish stance. This suggests that the most probable direction for spot prices remains downward, with any attempts at recovery likely to be seen by traders as opportunities to sell.

From a technical perspective, the nearest resistance for the pair is the confluence of the 9- and 14-day EMAs around 1.3535. The pair is currently finding support at 1.3500; if prices fall below, the next support lies at the 100-day SMA near 1.3484, followed by the 50-SMA. On the other hand, if the pair breaks through the confluence of the 9- and 14-day EMAs, it will face resistance at 1.3550, above which it could attempt to reach 1.3600. However, it is worth noting that the relative strength index on the daily chart is gradually moving into negative territory and prices are trading below the 9-day EMA, indicating weakness in the pair.