GBP/USD is trading at $1.30074, down 0.6%, and hovering around its pivot point at $1.29960. This level is crucial for the couple; staying above keeps the outlook somewhat bullish, with immediate resistance at $1.30154 where a double-top pattern could provide some resistance.
Should the pair break past $1.30154, the next targets are $1.30320 and $1.30531. The 50-day EMA at $1.29840 adds support and reinforces a cautious uptrend.
However, if GBP/USD falls below the pivot point, a sharper decline could follow, with support targeted at $1.29764 and $1.29568. Maintaining a position above $1.29960 is essential for any potential upside.
Euro (EUR) Stable as German CPI and GDP data emerge
The euro (EUR) shows resilience amid mixed economic indicators. The German GfK Consumer Climate improved from -21.0 to -18.3, indicating a slight recovery in sentiment. French Flash GDP performed above average at 0.4%, while Spanish inflation rose to 1.8%.
Traders are now turning to key German data, including Prelim CPI and GDP figures, for further insights. Furthermore, the German unemployment change report could impact market sentiment as the outlook for the Eurozone remains cautiously optimistic.