STERLING FALLS BELOW 1.2900
The GBPUSD pair has continued to decline during the European session, moving under the key 1.2900 level, to an intraday price low of 1.2892, following the release of weaker than expected UK services PMI.
British pound selling is now accelerating, following a series of weaker than expected economic data points this week. Traders now look to the U.S session, as the greenback continues to strengthen ahead of the release of the FOMC minutes.
The GBPUSD pair remains bearish in the short term, with selling pressure building whilst trading beneath the weekly pivot point, at 1.2921.
To the upside, resistance is found at the daily pivot point, at 1.2932, and the H4 time frame, 20-period moving average, at 1.2954.
To the downside, the H4 time frame, 50 period moving average offers support, at 1.2888.
The GBPUSD monthly pivot point acts as critical intraday support, just below at 1.2881.
Under the monthly pivot, the H4 time frame 200-period moving average is found at 1.2840.