GBPUSD PRESSURED AHEAD OF CARNEY SPEECH
The GBPUSD pair is currently under selling pressure, after hawkish comments from FOMC vice-chairman William Dudley caused the pair to drop to 1.2723. The pair had previously spent much of day trading above the 1.2780 area, setting a intraday high of 1.2814.
In the European session today, Bank of England Governor Mark Carney will give his delayed Mansion House speech, with the British pound in focus, as traders scrutinize his comments for clues on future monetary policy.
Technically the GBPUSD pair remains bearish on short and medium term frames, with all indicators pointing to further losses below the 1.2730 level.
The weekly pivot point at 1.2744 becomes near term resistance for the pair, with the H1 time frame 200 period moving average becoming former support now turned resistance at 1.2766.
To the downside, a move below 1.2722 exposes further intraday losses towards 1.2695, with major support below 1.2695 coming from the daily time frame 100 period moving average at 1.2651.