STERLING FALLS TO A TEN DAY TRADING LOW

The GBPUSD pair has slipped to 1.2857 during the European session, as British pound sellers moved in from the daily pivot point. The pair has now fallen to a ten day trading low, and found intraday support from the daily time frame, 20 period moving average.

Sterling will be driven in the coming days by the United Kingdom employment report, domestic politics in the UK and the U.S and Federal Reserve Chair Janet Yellen's semi-annual testimony on Capitol Hill.

The GBPUSD pair has turned bearish in the short and medium term, as sterling now trades below the daily, weekly and monthly pivot points.

Intraday support is found at the daily time frame 20 period moving average at 1.2857, and the 1.2808 level, which represents the 50 percent Fibonacci retracement of the recent 1.3030 price high, to the 1.2588 price low.

Intraday resistance for the GBPUSD pair is found at the monthly pivot point at 1.2880, and the calculated daily pivot point at 1.2907.