STERLING UNDER PRESSURE AHEAD OF UK JOBS REPORT

The GBPUSD pair remains subdued in Wednesday trading, after dropping sharply from the 1.2927 level to 1.2831, following speeches from MPC voting member Andrew Haldane and Ben Broadbent. Both MPC members left financial markets disappointed, as they failed to communication their thoughts on future UK interest rate increases.

Sterling is currently trading around the 1.2850 region, ahead of key UK employment data, which is forecasted to show that June hourly wages in the UK moved lower, and the overall jobless claimant count change I set to move higher.

The GBPUSD pair remains bearish in the short and medium term, and now trades below the daily, weekly and monthly pivot points.

Key sterling downside support is located at the H4 time 200 period moving average at 1.2833.

Further intrday price support is found at the 50 percent and 61.8 percent Fibonacci retracement levels, at 1.2807 and 1.2760.

To the upside, GBPUSD resistance is found at the calculated daily pivot point, at 1.2869.

The monthly calculated pivot point comes into focus at 1.2881, with the H1 time frame 200 period MA acting as critical intraday resistance, at 1.2931.