GBPUSD BACK UNDER PRESSURE DESPITE DATA BEAT
The British pound has fallen to a fresh monthly trading-low against the US dollar during the European trading session, hitting 1.2802. The GBPUSD pair remains under selling pressure despite the UK Services PMI beating market expectations with a 54.3 reading. Sellers will continue to target below the 1.2800 support level, while buyers need to push the price above the 1.2863 to stabilize the decline.
The GBPUSD pair is strongly bearish while trading below the 1.2810 level, key support is now found at the 1.2775 and 1.2750 levels.
If the GBPUSD pair moves above the 1.2863 level, buyers are likely to target the 1.2900 and 1.2930 levels.