Sterling has moved sharply lower, falling towards the 1.2860 level, after pound buyers failed to find momentum above the 1.2920 area, which represents the GBPUSD pairs 100-day moving average.
Price-action has now fallen below the 200-hour moving average, at 1.2872, with the GBPUSD pair now risking further intraday losses, once below the weekly pivot point, located at the 1.2856 level.
The GBPUSD is now strongly bearish on an intraday basis, with price now trading below all relevant short-term moving averages.
Key intraday technical support is found at 1.2856, 1.2832 and the 1.2773 level.
To the upside, intraday technical resistance is found at 1.2873, 1.2890, with the GBPUSD daily pivot point, at 1.2913. The 100-day moving average now becomes critical resistance, at 1.2920.
