STERLING AWAITING UK TRADE DATA

Sterling is currently trading around the psychological 1.3000 level, ahead of the release of multiple economic data points from the United Kingdom economy, in the upcoming European trading session.

British pound traders will look to UK trade balance figures, UK industrial production and manufacturing production for June, with expectations of better than expected numbers acros the board.

The GBPUSD pair is currently neutral in the short term, with price trading close to the daily pivot point, at 1.2999. The pair is bearish in the medium term, whilst trading below the 1.3082 level.

Support is found at the key 1.2980 level, with critical support coming from the daily time frame, 50 and 100 period moving averages, at 1.2947 and 1.2913.

To the upside, once above the daily pivot point, resistance comes from the H4 time frame, 200 period moving average, at 1.3008.

Further resistance is found at the 100 hour moving average, at 1.3033, and the key 1.3047 level.