The GBP/USD pair trades at $1.29952, down 0.63% for the day. The pair is under pressure, sitting just below its pivot point at $1.30298. Immediate resistance is seen at $1.30600, with further levels at $1.30890 and $1.31128.
On the downside, immediate support lies at $1.29877, followed by $1.29614 and $1.29397. The 50-day EMA at $1.30963 and the 200-day EMA at $1.31387 signal a bearish outlook as long as the pair remains below these levels.
A symmetrical triangle pattern suggests indecision, but a break above $1.30298 could spark bullish momentum.
Euro Gains Amid Positive German Economic Sentiment
The Euro (EUR) strengthened after Germany’s ZEW Economic Sentiment index surged to 13.1, surpassing expectations of 10.2. Additionally, the broader Eurozone sentiment rose to 20.1, reflecting optimism across the region.
Despite a minor decline in German WPI at -0.3%, positive industrial production figures at 1.8% helped support the currency. Investors now look ahead to ECB President Lagarde’s speech later today for further market cues.