POUND REMAINS SOFT AHEAD OF Q2 GDP DATA
The British pound remains soft on Thursday, with price continuing to trade below the 1.2800 technical level against the U.S dollar, ahead of the release of second quarter GDP data from the United Kingdom economy.
Later today the Jackson Hole symposium will get underway, although FED Chair Janet Yellen and ECB President Mario Draghi will be speaking on Friday.
The GBPUSD pair remains bearish on all time-frames, with price action creating bearish lower highs on shallow pullbacks, and lower price low's.
Key technical support below the 1.2777 level, is found at 1.2750 and 1.2716, with the key 200-day moving average approaching, at 1.2680.
Key short-term technical GBPUSD resistance is found at the 1.2819 and 1.2832 levels, with critical intraday resistance situated in the 1.2839 to 1.2850 zone.