STERLING ATTEMPTING MEDIUM TERM RECOVERY

The GBPUSD pair is attempting to recover above the key 1.3047 resistance level, after yesterday falling to 1.3014, which marked the lowest trading level for sterling since July 27th.

The economic calendar remains light for sterling during much of Tuesday, however jobs data from the United States economy later today may create some volatility in the pair.

The GBPUSD pair is currently bullish in the short term whilst trading above the 1.3032-1.3036 region, which represents the pairs M5 time frame 200 period moving average and daily pivot point.

Key technical resistance above 1.3053 level is found at the H1 time frame 50 period moving average, at 1.3062.

Above the H1 50 MA, the monthly pivot point comes into focus at 1.3082. Further intraday resistance for the GBPUSD pair is found at the weekly pivot point, at 1.3110 and the key 1.3125 level.

To the downside, critical support for the pair is found at 1.3032 and the currently weekly low, at 1.3013. A move below the psychological 1.3000 level should expose further losses for sterling towards the 1.2980 level.