STERLING NEUTRAL AHEAD OF PMI DATA
The GBPUSD pair has moved back towards its 100-day moving average, currently located at the 1.2921 level, ahead of the release of the United Kingdom manufacturing PMI, for the month of August.
Sterling has risen sharply from yesterday's steep decline, which saw the GBPUSD pair hit a weekly price low, of 1.2852. During the Asian session, the pair has so far climbed to a two-day trading high, hitting 1.2947.
The GBPUSD pair remains neutral on a short and medium-term basis, with price-action again consolidating above and below the 100-day moving average and daily pivot point.
Key intraday technical resistance is located at the current daily high, at1.2947, the current weekly price high, at 1.2979, and the 1.3011 level.
To the downside, the 50-hour moving average offers strong intraday support, at 1.2916, as does the 1.2890 level. The GBPUSD pairs 200-hour moving average, offers critical support, at 1.2872.