POUND SUBDUED AHEAD OF INFLATION DATA

Sterling has again failed to move pass the key 1.3000 barrier, and has slipped back towards the pairs daily time frame 50 period moving average, found at the 1.2960 level.

GBPUSD traders will now look to key inflation figures on Tuesday from the UK economy, where we see the release of producer price index and consumer price index data for the month of July.

The GBPUSD has now turned bearish on all time frames, with price now below the daily, weekly and monthly calculated pivot points.

Key technical support is found at the former weekly price low, at 1.2950. Below the former weekly low, the 1.2933 level offers further support, as does the key 1.2880 level.

To the upside, key technical resistance is found at the daily pivot point, at 1.2981, and the weekly pivot point, at 1.3003. The former swing high at 1.3031 offers further intraday resistance.