If gold remains above $2,662, the uptrend may continue, supported by the “three white soldiers” candlestick pattern. A break below $2,662 could trigger selling pressure.
Sterling Gains as GDP and Production Beat Forecasts
The British pound (GBP) saw modest gains after UK GDP rose by 0.2% in September, matching expectations. Manufacturing production surprised with a 1.1% rise, beating the forecast of 0.3%.
Industrial production also grew by 0.5%, exceeding the predicted 0.2%. The goods trade balance narrowed to -£15.1B, signaling improving trade conditions. Attention now turns to MPC member Dhingra’s speech.
GBP/USD Technical Analysis
GBP/USD is trading at $1.30674, up 0.02%, holding above the pivot point at $1.30613. Immediate resistance is at $1.30825, followed by $1.30958 and $1.31125.
On the downside, key support levels are $1.30417 and $1.30225. The 50-day EMA at $1.30642 is providing short-term support, while the 200-day EMA at $1.31217 suggests broader resistance ahead.
