The GBPUSD pair continues to hold steady above the 100-day moving average, around the 1.2860 level, as British pound sellers struggle to close price on a daily basis underneath this key technical region.
The U.S dollar index has come under selling pressure overnight, provoking a minor bounce in the GBPUSD towards the 1.2890 level. Later today, traders will look to the release of the U.S Michigan confidence survey, as the last market moving data point of the trading week.
The GBPUSD pair remains strongly bearish in the medium term, only a move above the 1.3000 level can negate the pairs bearish outlook.
Key technical support is found at the daily pivot point, at 1.2878, the 100-day moving average at 1.2860. Key longer term technical support is found at 1.2811 and 1.2672.
To the upside, key technical resistance is found at 1.2911, the 50-day moving average, at 1.2932, and the former daily consolidation area, 1.2951.
