GBPUSD TESTS DAILY PIVOT

The GBPUSD pair has corrected lower during the European, testing intraday support, around the calculated daily pivot point, at 1.3057.

Sterling traders now look to the U.S session, where we have the release of the New York state manufacturing index for July. Technical GBPUSD traders will also look to the daily price close, with the former yearly high, located at 1.3047 in focus.

The GBPUSD pair retains a short term bullish trading bias whilst above the daily pivot point, at 1.3057. Sterling also remains strongly bullish in the medium term, whilst trading above the 1.3010 level.

Key technical resistance is found at H1 time frame, 20 period moving average, at 1.2990.  The yearly price high is also strong intraday resistance at 1.3112, as is the crucial 1.3122 level.

To the downside, the former yearly high remains critical support at 1.3047, with further support from the 1.3030 level, and the weekly pivot, at 1.3010.