GBPUSD FAILS TO RECLAIM 1.3000 LEVEL
The GBPUSD pair remains under bearish selling pressure, after yesterday's strong rejection from the 1.2998 level. Despite yesterday's broad based U.S dollar weakness, the British pound underperformed across the board, sinking against the euro and the greenback.
Going forward, the 1.2998 to 1.3010 region continues to define the medium term trading trend for the GBPUSD pair, with selling momentum building as price continues to struggle to close back above the 1.3010 level.
The GBPUSD pair remains bullish in the short term, whilst trading above the M5 timeframe, 200 period moving average at 1.2968.
However, the pair remains bearish in the medium term, whilst trading below the weekly pivot point, located at the 1.3010 level.
Key intraday GBPUSD support is found at the daily pivot point, at 1.2976, which now coincides with hourly time frame 200 period moving average.
Further support is found at the weekly price low, at 1.2933, and the month pivot point, at 1.2882.
To the upside, once above the 1.3010 level, resistance is found at historical at the 1.3047 level, and the former swing price high, at 1.3061.