STERLING PRESSURED DESPITE SOLID UK DATA
The GBPUSD pair met further selling pressure above the 1.2900 level, despite the UK unemployment rate unexpectedly dropping to 4.4 percent. UK wage growth continued to remain subdued, capping sterling's upside.
At present the pair trades around the 1.2875 level, after moving as high as 1.2903 during the European session. The U.S dollar now comes into focus, with traders looking to the release of the FOMC meeting minutes later today.
The GBPUSD pair remains pressured in the short-term whilst trading below the 1.2880 resistance level.
Key upside resistance above 1.2880 is found at the daily pivot, at 1.2894, with the current daily price high just above, at 1.2903. Critical intraday resistance is found at the 50-day moving average, at 1.2932.
Support is found at the M30 time frame, 50 period moving average, at 1.2868. Below this level, the 1.2858 level offers strong intraday support, with the weekly price low close by, at 1.2847.
Key long-term GBPUSD trendline support is currently found at the 1.2826 level.