GBP/USD is trading at $1.28213, down 0.37%, while the pair remains under pressure below the pivot at $1.28463. This level, which recently served as a breakout point, now serves as a major pivot point; staying below that could leave the pair in a bearish trend.
Immediate support is at $1.27916, with further levels at $1.27509 and $1.27210 if the sellers maintain control. Resistance is seen at $1.28856 and $1.29249, with the 50-day EMA at $1.29079 reinforcing the bearish outlook.
Until GBP/USD reaches $1.28463, we will likely trade cautiously with a downtrend.
Euro stable and German ZEW sentiment above expectations
The euro (EUR) remained stable while the German final CPI m/m met expectations at 0.4%, showing stable inflation in the region. Germany’s ZEW Economic Sentiment index also slightly exceeded expectations, reaching 13.2, up from the previous 13.1.
Meanwhile, the broader ZEW Economic Sentiment for the Eurozone rose to 20.5, surpassing the expected 20.1. This mild improvement in sentiment supports the euro, although broader economic problems in the region remain.