The British pound has moved below key technical support against the U.S dollar, after the United Kingdom’s manufacturing Purchasing Managers’ Index came in weaker than expected, at 55.9, which was lower than the previous month’s figure of 56.7.
Trading sentiment surrounding the GBPUSD pair is expected to remain weak while price-action trades below the key 1.3343 level, which is the pairs key 100-week moving average.
The GBPUSD pair is also declining due to a stronger U.S dollar index today, with greenback continuing to gain bullish momentum above the 93.00 level heading into the U.S session.
Today’s decline has so far found technical support from the 1.3290 level, although further losses cannot be ruled out towards 1.3240.
Key intraday GBPUSD resistance is currently located at the pairs monthly pivot, at 1.3321, with further intraday resistance found at 1.3343, 1.3361 and 1.3400.
Below the 1.3290 level, key GBPUSD intraday technical support is found at 1.3265, 1.3240, 1.3215 and 1.3190.
