GBPUSD TRADING BELOW KEY WEEKLY PIVOT
The British pound remains under downside pressure against the U.S dollar, as softer than expected UK inflation data continues to weigh on sterling sentiment. The GBPUSD pair currently trades around the 1.4200 level, after earlier being swiftly sold-off from the 1.4245 resistance level, after finding interim technical support from the 1.4171 level. Traders now look to key Retail Sales data from the United Kingdom economy, with the pair now weekly bearish while trading below the 1.4230 level.
The GBPUSD pair remains bearish while trading below the 1.4230 level, key intraday resistance is now found at the 1.4181 and 1.4146 levels.
If the GBPUSD pair holds above the 1.4230 level, buyers may move price-action back towards the 1.4260 and 1.4300 levels.