POUND GIVES WAY TO TECHNICAL SELLING
The British pound has slipped back towards the weekly price-low against the U.S dollar, after solid economic data from the United States, and a lack of buying interest for the GBPUSD pair above the key 1.3291 level.
Intraday trading sentiment around the pair is currently mixed, as British pound buying remains contained and uncertainty surrounding the appointment of the next Federal Reserve Chair, starts to limit gains in the U.S dollar index.
The GBPUSD pair is currently range-bound between 1.3218 and 1.3291, with price-action now consolidating mid-range around the 1.3250 level.
A move below the 1.3218 level should accelerate intraday losses below the 1.3200 level, whilst a move above the 1.3291 level should further buying interest towards 1.3340.
Key intraday technical support for the GBPUSD pair is found at 1.3218, 1.3190, 1.3165 and the pairs 50-day moving average, at 1.3142.
To the upside, key intraday technical resistance is found at the GBPUSD daily pivot point, at 1.3257, and 1.3285. Once above the 1.3291 level, further resistance is found at 1.3340 and 1.3360.