STERLING UNDER HEAVY SELLING PRESSURE

The GBPUSD pair has come under heavy selling pressure during the European trading session, falling towards the 1.2930 level, despite better than expected retail sales data from the United Kingdom economy.

Broad based U.S dollar index strength has pushed the GBPUSD pair lower, with little respite from intraday sterling sellers, who have now pushed price below the weekly pivot, and the 200 hour moving average.

The GBPUSD pair has now turned bearish in the short and medium term, after losing the 1.3010 handle.

Further intraday technical support below 1.2930 is found at 1.2910, a then the monthly pivot point, at 1.2882.

To the upside, resistance is found at the 200 hour moving average, at 1.2968, with the GBPUSD weekly pivot point, at 1.3010 coming back into traders focus, only once price travels back above the 1.2990 level.