GBP/USD is showing mild strength at $1.29658 and moving above a critical pivot at $1.29577. This level also aligns with an ascending triangle pattern, adding a supportive foundation for potential gains.
Immediate resistance is found at $1.29945, closely followed by $1.30135, while support is near $1.29291. The 50-day EMA at $1.29633 reinforces bullish sentiment, although the 200-day EMA at $1.29940 suggests a cautious approach.
A sustained move above $1.29577 keeps the outlook positive, but a decline below could trigger sharper selling pressure.
The euro rises as the German business environment improves
The euro received modest support on Friday, supported by Germany’s ifo Business Climate Index, which rose to 86.5 from a previous 85.6, indicating mild optimism among German companies.
Spain’s unemployment rate also improved to 11.2%. However, M3 money supply growth weakened to 3.2% on an annual basis, indicating limited liquidity expansion.
With no major events planned in the Eurozone today, the EUR/USD will likely react to broader market moves and USD swings.