GBPUSD BATTLES DAILY TRENDLINE RESISTANCE
The GBPUSD pair has moved back above the 1.2900 level, as traders continue to buy British pounds and sell U.S dollars, in a busy Monday session, despite many London trading desks closed for the UK Summer Bank Holiday.
At present, sterling is finding strong technical resistance from the daily time frame, upsloping trendline, which began at the 1.2108 price low, and is found currently capping price action at the 1.2906 level.
Going forward, the 100-day moving average, at 1.2920 should define the GBPUSD pairs trading action, ahead of the UK Inflation Report Hearings on Wednesday.
Key intraday technical support below the 1.2900 level, is found at the channel top, at 1.2890, and the current weekly price low, at 1.2872.
Key GBPUSD technical resistance above the 1.2920 level, is found at the August 11th price low, at 1.2939, with further upside resistance found at the 38.2 percent Fibonacci retracement of the 1.2774 low to the yearly price high, at 1.2960.
Above 1.2960, the 50-day moving average, at 1.2984, is the final barrier before the crucial 1.3000 level.