GBP/USD down during Asia, tests 1.4170

• GBP/USD down in Tokyo, looking for support.
• Still trading strongly against the US Dollar.

GBP/USD Trading down ahead of London, trading into the 1.4170 handle as of writing, down from overnight session highs of 1.4210. Sterling had a mixed day against the US Dollar yesterday, spiking in all directions before finishing the day up about 45 pips over the twenty-four hour period.

Little lies ahead on the economic calendar for the day in regards to Sterling; Cable traders are going to have to rely on market sentiment evolving throughout the day to produce some volatility, with US ISM Manufacturing and Prices data at 15:00 GMT.

GBP/USD has done a remarkable job shrugging off a leaked Brexit document highlighting potential economic pitfalls should the kingdom leave the European Union without a trade deal in place; likewise, the pair is relatively unbothered with the announcement that the EU is preemptively seeking sanctions against the UK, in an attempt to head off a situation where the UK uses Brexit as a vehicle to undermine European competitiveness using tax credits and deregulation to give UK-based businesses an unfair advantage over their European counterparts.

GBP/USD Technicals

The Sterling is still up significantly against the Greenback despite the recent correction last week, and is still trading comfortably near two-year highs; Daily charts still have the GBP uptrend fully intact, and H4 charts reflect much the same, though technical indicators are beginning to show signs of exhaustion. Intraday support/resistance levels heading into the Europe session are 1.4153 and 1.4210, respectively.

Today's pivot points:
R2: 1.4291
R1: 1.4239
PP: 1.4180
S1: 1.4128
S2: 1.4070