GBPUSD UNDER PRESSURE BELOW 1.2636

The GBPUSD pair remains under pressure, after Bank of England Governor Mark Carney's dovish comments on interest rates, yesterday sent the pair crashing to a 8 week trading low at 1.2611.

At present the pair is trading around the former monthly price low at 1.2636, with sentiment surrounding the GBPUSD pair remaining weak as traders see few reasons to buy the British pound, given the policy divergence between the Federal Reserve and the Bank of England.

Technically GBPUSD remains bearish on all time frames, with a further decline below yesterday's price low at 1.2611 increasingly likely.

Any upside moves above the 1.2636 level today are likely to be capped by the daily time frame 100 period moving average at 1.2655, and the June 15th price low at 1.2693.

A move below the 1.2611 level today should see sellers target the 1.2580 level, with the ultimate intraday aim being the daily time frame 200 period moving average, currently located at 1.2539.