GBPUSD BOUNCES TO 1.2831 RESISTANCE

The GBPUSD pair mas moved above the 1.2800 level, finding intraday resistance from 1.2831 level, just slightly below Wednesday's daily price high, of 1.2833.

United Kingdom second quarter GDP came in as expected, at 0.3 percent, with the report noting that consumer spending and business investment has slowed markedly.

On an intraday basis, the GBPUSD pair is bullish whilst trading above the daily pivot point, at 1.2805, and the M5 time frame 200-period moving average, at 1.2799.

Key technical support below the 1.2799 level, is found at 1.2773, 1.2750 and 1.2716.

Key technical resistance above the 1.2833 level, is found at the 1.2839 and 1.2851 levels. Above the 1.2851 level, the 200-hour moving average acts as critical resistance, at 1.2879.