GBP/USD is trading at $1.30074, down 0.6%, and hovering near its pivot point at $1.29960. This level is critical for the pair; staying above it keeps the outlook slightly bullish, with immediate resistance at $1.30154, where a double-top pattern may pose some resistance.
Should the pair break past $1.30154, next targets are $1.30320 and $1.30531. The 50-day EMA at $1.29840 adds support, reinforcing a cautious upward bias.
However, if GBP/USD dips below the pivot, a sharper decline could ensue, targeting supports at $1.29764 and $1.29568. Holding above $1.29960 is key for any potential upside.
Euro (EUR) Steady as German CPI and GDP Data Looms
The Euro (EUR) shows resilience amid mixed economic indicators. Germany’s GfK Consumer Climate improved to -18.3 from -21.0, signaling a slight recovery in sentiment. French Flash GDP outperformed at 0.4%, while Spanish inflation rose to 1.8%.
Traders now turn to key German data, including Prelim CPI and GDP figures, for further insights. Additionally, Germany’s unemployment change report could influence market sentiment, as the Eurozone’s outlook remains cautiously optimistic.
