GBPUSD BEARISH AHEAD OF SERVICES PMI
The GBPUSD pair continues to move lower during early Wednesday trading, as traders continues to sell any upside sterling rallies, with investors now looking to the release of the UK Services PMI for the month of June.
So far the pair has traded as low as 1.2917, just above the weekly price low of 1.2912. GBPUSD is presently trading at the weekly pivot point, at 1.2920, and trades just below the daily pivot point at 1.2932.
In the short term the GBPUSD pair remains bearish whilst trading below the 1.2932 level, however the pair retains a medium term bullish outlook above 1.2881.
GBPUSD also has a long term bullish outlook, whilst trading above the 200 day moving average, at 1.2571.
Key technical resistance for the GBPUSD pair is found at 1.2932, and the H4 time frame 20 period moving average at 1.2960.
Technical support below the 1.2912 level, is located at the monthly GBPUSD pivot point, at 1.2881, and then the daily time frame, 50 period moving average, at 1.2858.