BREXIT HEADLINES DRIVE STERLING
The British pound has started the new trading week just below the 1.3300 level against the U.S dollar, after hitting 1.3337 on Friday. Updates coming from Brexit negotiations between the EU and UK, continue to dictate the GBPUSD pairs intraday direction.
Today's trading sentiment surrounding the GBPUSD is neutral to slightly bullish, after the pair rebounded strongly last week, and closed the weekly candle well above the 1.3220 level.
The economic calendar remains fairly light today for sterling, however, we see the release of CPI inflation data from the United Kingdom, and a key speech from BOE Governor Mark Carney tomorrow.
Going forward, the GBPUSD pairs 100-week moving average remains the next upside barrier for buyers, located at 1.3333. Traders should also watch the daily price close and demand around the 1.3333 level extremely carefully.
Key intraday technical resistance for the GBPUSD pair is found at 1.3310 and the pairs monthly pivot point, at 1.3321. Further resistance is found at the pairs 100-week moving average, at 1.3333, and the key 1.3360 level.
To the downside, key intraday support for the GBPUSD pair is found at 1.3280, and the crucial 1.3267 level. Once below 1.3267, further support is found at the pairs weekly pivot point, at 1.3233 and the key 1.3220 level.