STERLING AGAIN REJECTED FROM 1.2900 LEVEL
The GBPUSD pair has come under further selling pressure, despite better than expected monthly United Kingdom retail sales data. Retail sales increased by 0.3 percent in July, with the year on year comparison figure growing by 1.3 percent.
Sterling has again moved below the 1.2900 level, with price dropping sharply towards trendline support, and the pairs 100-day moving average, at 1.2858, as the U.S dollar moves higher across the board.
The GBPUSD pair has now turned bearish on all-time frames, and trades below the daily, weekly and monthly calculated pivot points.
Key technical support is found at the 100-day moving average, at 1.2858, the current weekly price low, at 1.2841. The June monthly price low offers further support for sterling, at 1.2810.
To the upside, the daily pivot point is found at 1.2879, with the daily price high offering further resistance, at 1.2911. Above the daily price high, GBPUSD buyers will look to target the key 1.2932 and1.2951 levels.