Immediate support is seen at $1.30585, with further downside protection at $1.30312 and $1.30026.
If GBP/USD breaks above the $1.31068 pivot, it could offer resistance at $1.31348 and $1.31744. Conversely, staying below $1.31068 could keep the pair under pressure.
The price action indicates a cautious market tone as traders wait for a decisive move above or below these levels to confirm a trend direction.
The euro is rising while German industrial production is rising
The euro (EUR) gained strength after German industrial production rose 2.9% in September, beating forecasts of 0.8% and recovering from an earlier decline of -2.9%.
However, France’s trade balance showed a higher deficit of -7.4 billion euros compared to the expected -5.5 billion euros.
Today’s focus is on the upcoming German trade balance report, which is expected to amount to €22.5 billion. Positive data could further support the euro, especially during the ongoing ECOFIN meetings discussing eurozone economic policies.
EUR/USD Technical Forecast
EUR/USD is trading at $1.09705, down 0.08% for the day, and hovering around a key support level at $1.09516.
The 4-hour chart shows the pair struggling below the pivot point at $1.09844, indicating cautious market sentiment.