STERLING CAUTIOUS AHEAD OF HIGH IMPACT U.S DATA
Sterling continues to move lower in early Wednesday trading, finding support from the 1.2914 level, after price-action was strongly rejected from the pairs 50-day moving average, at 1.2979.
Currently, the GBPUSD pair is trading back above the hourly time frame 100-period moving average, at 1.2920, as investors await the U.S ADP jobs report for August, and second quarter GDP figures from the U.S.
On an intraday basis, GBPUSD turns bearish below the 1.2920 level, while the medium-term outlook is still bullish above 1.2856 level, the long-term outlook remains bearish below the 1.3080 level.
Key intraday technical support is found at 1.2914, 1.2890, with the GBPUSD weekly pivot point offering strong support, at the 1.2856 level.
Key technical GBPUSD resistance is found at 1.2940, with the daily time frame 50-period moving average, at 1.2979. Above the 1.2979 level, the pair has scope for further advancement towards 1.3047 and 1.3125.