STERLING BEARISH AHEAD OF BOE SPEAKERS
The GBPUSD pair remains under selling pressure, ahead of scheduled speeches by Bank of England, Monetary Policy Committee members Andrew Haldane and Ben Broadbent during the coming European session.
Sterling traders will look for a possible policy stance change from Ben Broadbent, who was previously a known dove on the Monetary Policy Committee , whilst Andrew Haldane is a known hawk, is likely to reiterate his call for a July interest rate hike.
The GBPUSD pair is currently bearish on all time frames, with MACD and Stochastic indicators turning lower.
Key resistance for the pair is found at the daily pivot point at 1.2880, and the Monday price high at 1.2907. Critical resistance is also found at the calculated weekly pivot point, at 1.2925.
GBPUSD support is found at the currently weekly low at the daily time frame, 50 and 20 period moving averages, at 1.2857 and 1.2847.
Critical intraday support is found at the H1 time frame, 200 period moving average, at 1.2831.