GBPUSD BOUNCES FROM WEEKLY PIVOT
The GBPUSD pair has found intraday support at the weekly pivot point, after declining to 1.2914, following the release of the Bank of England, Financial Policy Committee minutes. The FPC minutes showed that some members, have raised serious concerns over consumer credit in the United Kingdom.
Sterling has now recovered towards the 1.2940 level, as dip buyers bought the GBPUSD pair from the 1.2920 region. The United States is currently observing Independence day, so volume and liquidity may be thin moving into the U.S session.
Intraday, the GBPUSD pair remains bearish, with price making a series of lower price high's, whilst continuing to make lower price low's.
Only a move above the recent intraday swing high, at 1.2959, can negate daily selling pressure on the GBPUSD pair.
To the upside, resistance for the pair is located at the H1 timeframe 100-period moving average, at 1.2963, and the H4 time frame 20-period moving average at 1.2985.
Support for the GBPUSD pair is now located at the recent swing low at 1.2914, and the monthly pivot point, at 1.2881.