The GBPUSD pair has looked past a marginally weaker United Kingdom services sector PMI reading, and moved towards the higher-end of its recent trading range.
Today’s 53.2 PMI services reading has yet to dampen demand for the British pound, with the pound gaining ground against the euro, and trading around the 1.2969 level against the greenback.
The GBPUSD pair remains confined to range-bound trading conditions between the 1.2910 and 1.2990 level, however, price-action is printing bullish higher daily price high’s.
Key intraday technical resistance is located at the 50-day moving average, at 1.2984, with the former weekly price high and monthly pivot point, found at 1.2990-1.2994.
Above 1.3000 level, the GBPUSD June monthly price high offers strong resistance, at 1.3030, as does the 1.3047 level.
To the downside, key trendline support is located at 1.2948, with the weekly pivot point, at 1.2936. The daily time-frame, 100-period moving average, offers critical intraday support, at 1.2920.
