GBP/USD is trading at $1.29866, up 0.56%, but is just below a crucial pivot point at $1.29988. This level is crucial: a break above it could open the way to immediate resistance at $1.30268, with further targets at $1.30434 and $1.30666.
On the downside, support remains at $1.29664, with additional layers at $1.29432 and $1.29100. The 50-day EMA at $1.29463 indicates mild support, while the 200-day EMA at $1.29669 could act as a short-term bottom.
Currently, staying below $1.29988 keeps the bias bearish, while a rise above would likely create bullish momentum.
Euro supported by positive Spanish manufacturing data
The euro (EUR) showed resilience as Spain’s manufacturing PMI beat expectations, rising to 54.5 versus the forecast of 53.1.
This positive surprise adds support to the euro amid expectations of stable manufacturing PMI data in Italy, France and Germany.
Sentix’s investor confidence, while still negative, improved from -13.8 to -12.7, indicating slightly reduced pessimism. With Eurogroup meetings scheduled, EUR could see further movement based on policy discussions.