STERLING BACK ABOVE 1.2800
The British pound earlier fell to an eight-week trading low against the U.S dollar, with the pair hitting the 1.2790 level during the European session. The key 1.2750 Fibonacci support level, now acts as next relevant daily support area below the 1.2790 price low.
At present, sterling has moved back above the 1.2800 level, as intraday profit taking kicks in, ahead of key U.S home data, and second quarter United Kingdom GDP figures, out tomorrow.
The GBPUSD pair remains bearish on all-time frames, with a strong move above the 1.2839 level now needed to negate intraday selling pressures.
Short term technical resistance is found at the M5 time frame, 200-period moving average, at 1.2816. Further resistance comes from the daily price high, at 1.2833, and the key 1.2839 level.
Key technical support below the 1.2800 level is found at the 1.2790 and 1.2750 levels, and the June 27th daily price low, at 1.2716.