GBPUSD HOLDING ABOVE 1.2640

The GBPUSD pair has spent the European session confined to range bound trading conditions, trapped between 1.2654 and 1.2686, with the British pound in a cautious mode as Brexit talks in Brussels progress.

Crucially, the pair has managed to hold above support at 1.2640, with GBPUSD now testing the M5 time frame 200 period average at 1.2669.

Key upside technical resistance for the GBPUSD pair remains 1.2710, and the 1.2740 region.

Yesterday the GBPUSD found strong resistance at the H4 timeframe 20 period moving average at 1.2710, the 20 period moving average on the mentioned time frame has now declined to 1.2684, and continues to cap GBPUSD advances.

To the downside, the 1.2636 to 1.2644 support area, continues to dictate GBPUSD trading sentiment. A move below 1.2636 should provoke further selling towards the current weekly price low.