GBPUSD NEUTRAL AHEAD OF KEY ECONOMIC DATA
The GBPUSD pair is currently neutral, with a slight negative bias ahead of the release of key UK PMI services data, for the month of August. Yesterday the pound fell sharply from the 1.2964 level, and printed a fresh weekly price low, at 1.2910.
At present, GBPUSD is testing above and below its weekly pivot point, around the 1.2934 level, as the pair searches for a medium-term directional bias.
The GBPUSD pair remains range-bound between the 1.2910 to 1.2993 region, a higher-time frame price close below the 1.2920 level should accelerate selling. To the upside, a higher-time frame price close above the 1.2984 level, should encourage pound buying.
Key trendline resistance is located at the 1.2948 level, with further resistance coming from the recent swing high, at 1.2964, and the former weekly high, at 1.2994.
To the downside, the 100-day moving average is located at 1.2920, with further support below at 1.2901-10.
Below 1.2900, the H4 time-frame 100-period moving average is located at 1.2890, with the former weekly price low, at 1.2852. The GBPUSD 200-day moving average is currently located, at the 1.2722 level.