GBPUSD TESTS WEEKLY PIVOT POINT
The GBPUSD pair has moved away from one week trading high's at 1.2759 and is currently trading back towards the weekly pivot point at 1.2708.
The latest pullback in GBPUSD started as U.S Treasury bond yields have moved higher, boosting the U.S Dollar Index. President of the European Commission Jean-Claude Juncker has also added to selling pressure on the British pound, saying 'The European Union will call the shot in Brexit negotiations'.
Technically the GBPUSD remains short term bearish below the H1 time frame, 200 period moving average at 1.2720, which is now former GBPUSD support, now turned resistance.
Below the 1.2700 level, the next major technical support area for the pair becomes the H1 time frame 100 period moving average, at 1.2679, slightly above the daily pivot point at 1.2675.