STERLING FALLS TOWARDS WEEKLY LOW

Sterling has erased all Thursday's trading gains, after a raft of weaker than expected UK data releases put extreme selling pressure back on the British pound, with the GBPUSD pair now moving below the 1.2900 level.

The United Kingdom Trade deficit was showed to have widened by over one billion British pounds and Industrial production also fell -0.1%.

Construction output also fell -1.2% against a forecasted rise of 0.7%, while Manufacturing output numbers showed a decline of 0.% during May.

The GBPUSD pair has turned bearish in the short term, with the pairs medium term bias also turning to bearish whilst the pair trades below the 1.2921 level.

Key technical support below the 1.2900 level is found at the monthly pivot point at 1.2880, and then the H4 time frame, period moving average, at 1.2857.

Key technical resistance is found at 1.2921, and the calculated daily pivot point, at 1.2931.

Above the daily pivot point, the 1.2953 and 1.2961 levels come back into focus.