GBPUSD TESTING DAILY PIVOT POINT
The British pound is staging a minor recovery higher against the US dollar, despite much weaker than expected PMI Services data from the United Kingdom economy. Price is now testing the GBPUSD pair’s daily pivot point, at 1.2740, after sellers earlier failed to trigger the bearish head and shoulders pattern. The overall sentiment towards sterling remains bearish, with traders likely to sell into the recent upside rally.
The GBPUSD pair remains bearish while trading below the 1.2740 level, key technical support is found at the 1.2695 and 1.2657 levels.
If the GBPUSD pair trades above the 1.2740 level, key resistance is found at the 1.2770 and 1.2840 levels.