STERLING TOUCHES WEEKLY LOWS

Sterling has moved below the daily time frame, 50 period moving average, as British pound sellers push the pair to new weekly price lows. During the upcoming U.S session, the pair may become volatile after the release of U.S CPI data for the month of July.

Technically the GBPUSD pair is exposed to further intraday losses below the 1.2951 level, with the pairs 100-day moving average acting as critical support, at the 1.2916 level.

Sterling remains strongly bearish on all time frames, and now needs price to move back above the 1.2980 level to negate the intraday negative bias surround the pair.

Key intraday technical support is found at the 1.2951 level, the 200-day moving average offers critical support, at the 1.2916 level, with the former GBPUSD monthly pivot point, sitting at 1.2880.

To the upside, GBPUSD daily pivot point is found at 1.2980, with further upside resistance at the key 1.3000 level. The H4 time frame 200-period average offers further resistance, at 1.3015.