GBPUSD BACK UNDER PRESSURE

The GBPUSD pair is back under heavy selling pressure, after failing to move above yesterday's price high, creating another bearish lower daily high on the charts.

Sterling is trading around the 1.3020 level, and approaching the current weekly price low, at 1.3014, having pierced below key technical support around the 1.3032 to 1.3036 region.

Below the psychological 1.3000 level, the H4 time frame 200 period moving average sits as critical support, at 1.2994.

Once below the 1.2990-94 region, the downside should accelerate for sterling, with the pair falling towards with daily time frame 50 period moving average, at 1.2934 and the 100- day moving average at 1.2903.

To the upside, the 1.3032 level is now former support turned resistance, with the former daily GBPUSD price high acting as key intraday resistance now at 1.3053.

Above the 1.3053 level, the 1.3061 and 1.3082 levels are strong areas of technical resistance.