GBP/USD is trading at $1.29558, down 0.14%, and is just below its pivot point at $1.29630, a level that has been crucial in setting the tone in the short term. The 50-day EMA of $1.29629 closely aligns with this pivot and strengthens it as resistance.
If GBP/USD can rise above $1.29630, the pair could target the next resistance at $1.29762 and possibly reach $1.29954.
On the downside, immediate support is at $1.29435, while further declines are likely to target $1.29259.
The euro (EUR) is facing downward pressure as the manufacturing PMI falls
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 private sector.
Upcoming figures, including Spanish unemployment and the German Ifo Business Climate Index, are expected to determine market sentiment in the short term. Investors also look at M3 money supply and retail lending data to assess economic stability.
Overall, mixed data adds to concerns about the eurozone’s resilience, potentially further weakening the euro if economic indicators continue to underperform.