STERLING SLIPS AHEAD OF UK MANUFACTURING DATA
The GBPUSD pair has slipped lower in early Monday trading, moving under the key 1.3000 level, after opening the new month around 1.3030.
Traders now look to the release of United Kingdom PMI manufacturing data for the month of June. With the release expected to show UK manufacturing activity slowed to 56.4, slightly down from the May figure of 56.7.
At present, the GBPUSD pair is currently neutral in the short term, but strongly bullish in the medium term.
The daily pivot point sits at 1.3001 and the M30 time frame, 100 period moving average, is at 1.2995. Both areas remain critical for directional intraday GBPUSD price movements.
A series of higher time frame price closes beneath the 1.2995 level, should lead to further GBPUSD downside, with the pair likely to target towards the weekly pivot point, at 1.2921, and the GBPUSD monthly pivot point at 1.2881.
Resistance for the GBPUSD pair above the 1.3001 level, is located at the recent price high at 1.3030. Further resistance is located just above the yearly high for sterling, at 1.3056.