GBPUSD ATTEMPTING TO RECOVER 1.2900
The GBPUSD pair has performed a strong intraday technical recovery from the weekly low, set at 1.2849, with British pound buyers now attempting to push price towards the key 1.2900 level.
Despite weaker than expected UK home data earlier today, which showed average house prices declining, sterling remains supported by a weaker U.S dollar index, and technical buying from the pairs 100-day moving average.
The GBPUSD pair remains bullish on an intraday basis, whilst price continues to trade above the daily pivot point, at 1.2877. However, sterling's medium outlook remains bearish whilst trading below the 1.3000 level.
Key intraday support is found at 1.2877, the 1.2859 level, and the channel bottom, at 1.2835.
GBPUSD intraday technical resistance is found at the 1.2900 level, the pairs weekly pivot point, at 1.2910, and the key 1.2932 level.