CABLE FALLS BELOW 1.3122 SUPPORT
The GBPUSD pair has fallen more than 100 pips, as the U.S dollar index strengthens, following the release of better than expected U.S economic data.
After reaching a new 2017 trading high on Thursday, the pair fell from 1.3159 to 1.3051, with price recovering somewhat during the Asian session, towards the 1.3090 region.
After falling through the 1.3122 support level during yesterday's U.S session, sterling short term losses started to accelerate.
Going forward the GBPUSD pair remains bullish in the medium and long term, and now needs to move back above the daily pivot, located at 1.3091, to reclaim short term bullish trading momentum.
Key technical support is found at 1.3070, 1.3047 and the weekly pivot point, at 1.3018.
To the upside, the 1.3091 and 1.3122 levels remain the key for further intraday gains. Above the 1.3122 level, further GBPUSD resistance is found at 1.3159 and 1.3225.