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.