GBPUSD BEARISH BELOW 1.3082 LEVEL
the GBPUSD pair extended weekly trading losses after last week' disappointing Bank of England meeting. Price action moved below the 1.3100 level, finding a weekly low at 1.3025.
So far in early week trading, sterling has retraced towards the 1.3060 level, finding resistance from the M5 time frame 200 period moving average.
The GBPUSD pair remains strongly bearish whilst trading beneath the 1.3082 level, which represent the calculated monthly pivot point.
Key resistance for the GBPUSD pair is found at 1.3082, with the weekly pivot point coming at 1.3110. Above the 1.3110 level, the 50 percent Fibonacci of last week's trading range comes in at, 1.3145.
Key technical support for the GBPUSD pair is found at 1.3047, the former weekly low at 1.3025, and the crucial 1.2980 level, which is now converging with the H4 time frame 200 period moving average.