GBPUSD UNDER PRESSURE AHEAD OF RETAIL SALES

The GBPUSD pair remains under selling pressure, trading close to the 1.3000 level, ahead of the release of UK retail sales data for the month of June.

Retail sales for the United Kingdom are forecast to rise 0.4 percent in June, far better than the May figure of –1.2 percent. Sterling traders also look to the ECB interest rate decision and press conference, and weekly jobs data from the United States later today.

After a series of price rejections from the 1.3047 level, the GBPUSD pair remains under short term selling pressure.

In the medium term sterling still remains bullish, with price still unable to break below the weekly pivot point, found at 1.3010.

Key intraday technical resistance is found at the daily pivot point, at 1.3029, then the former yearly price high, at 1.3047. Once closing above the 1.3047 level on a higher time frame basis, sterling may attempt to reclaim the 1.3100 handle.

To downside, support is found at the weekly pivot point, at 1.3010, the currently weekly price low at 1.3005, and the H1 time frame 100 period moving average, at 1.2964.