GBP/USD is trading at $1.29558, down 0.14%, and sits just under its pivot point at $1.29630, a level that’s been key in setting the short-term tone. The 50-day EMA at $1.29629 aligns closely with this pivot, reinforcing it as resistance.
If GBP/USD can push above $1.29630, the pair could aim for the next resistance at $1.29762 and possibly reach $1.29954.
On the downside, immediate support lies at $1.29435, with further declines likely targeting $1.29259.
Euro (EUR) Faces Downward Pressure as Manufacturing PMI Slips
The Euro (EUR) showed signs of pressure as French and German Manufacturing PMIs both missed forecasts, with France at 44.5 and Germany at 42.6. Services PMIs also fell, indicating a slowdown in the Eurozone’s private sector.
Upcoming data releases, including the Spanish Unemployment Rate and Germany’s Ifo Business Climate Index, are anticipated to shape short-term market sentiment. Investors are also watching for the M3 Money Supply and private loans data to assess economic stability.
Overall, mixed data adds to concerns over the Eurozone’s resilience, potentially weakening the euro further if economic indicators continue underperforming.
