STERLING REJECTED FROM WEEKLY PIVOT

The GBPUSD pair found strong buying interest during the opening European session, moving price from the daily price low, at 1.2869, to a new weekly price high of 1.2927.

Sterling was however rejected from strong resistance, at the weekly pivot point, found at 1.292. The pair now trades slightly above the key 1.2900 level, as GBPUSD traders await the U.S session open.

The GBPUSD pair remains bullish on a short-term basis whilst trading above the calculated daily pivot point, at 1.2980. Sterling, however, remains bearish in the medium term, whilst trading below the weekly pivot, at 1.2925.

Key intraday technical resistance for the GBPUSD pair is found at 1.2908, and then the daily high at 1.2927. Critical resistance is then found at the H4 timeframe 50 period moving average at, 1.2941.

To the downside, support below 1.2900 is found at the monthly pivot point at 1.2880. Below the 1.2880 level, the GBPUSD weekly price low comes into focus, at 1.2854.