The GBPUSD pair has softened below the 1.2900 level, as British pound buyers struggled to maintain bullish trading momentum above the key 1.2915 resistance level.
So far sterling has fallen towards the trendline support, at 1.2880, after finding intraday resistance from the pairs weekly pivot point, at 1.2910.
Going forward, the GBPUSD pair is likely to remain range-bound between the 1.2830 to 1.2915 trading band, until a clear trading catalyst emerges.
Key technical support is found at the GBPUSD daily pivot point, at 1.2887, the current weekly low offers further support, at 1.2850, whilst 1.2830 acts as critical support.
To the upside, the 1.2900 level is strong intraday resistance, while the 1.2915 level acts as key break-out resistance. Once above the 1.2915 level, the 1.2932 and 1.2950 levels come into focus.
