GBPUSD REMAINS UNDER PRESSURE

The British pound has remained under selling pressure against the against the US dollar during the European trading session, with the price so far finding intraday support from the 1.2828 level. The MACD indicator is turning lower across the lower time frames, signaling that the GBPUSD pair may continue to weaken. Trading ranges on the GBPUSD pair also remain limited due to the UK Bank Holiday on Monday.

• The GBPUSD pair is bearish while trading below the 1.2850 level, key support is now found at the 1.2828 and 1.2810 levels.

• If the GBPUSD pair moves above the 1.2850 level, key intraday resistance is found at the 1.2880 and 1.2919 levels.