Technical Analysis

GBPUSD Drops on BoE Survey Warning

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The British pound has reversed intraday gains against the U.S dollar, hitting 1.3143 after the Bank of England Credit Condition Survey warned that the United Kingdom will soon face a sharp decline in consumer credit availability.

Trading sentiment surrounding the GBPUSD pair is bearish while trading below the key 1.3220 level. On an intraday basis, the pair is now testing supply and demand interest around its key weekly pivot point, at 1.3166.

Going forward, Brexit negotiations and today's PPI inflation figures from the United States should prove pivotal in the GBPUSD pairs next intraday move.

As previously noted, the daily price-close surrounding the GPBUSD pair will be crucial around the 1.3220 level, especially after Yesterday's failure to close the daily price-candle above this key region.

Key intraday support below the 1.3166 level is located at 1.3150 and the Monday price low, at 1.3139. Further support is found at the key 1.3110 level and the weekly low, at 1.3075.

To the upside, key intraday resistance for the GBPUSD pair is located at 1.3190, 1.3220 and the former swing high, currently located at 1.3267.

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