GBP/USD is trading at $1.2677, up 0.10%, and remains just above the pivot point at $1.2669, indicating slightly bullish sentiment. A symmetrical triangle pattern indicates potential for an uptrend, especially if the pair breaks above immediate resistance at $1.2708.
Further resistance levels lie at $1.2745 and $1.2783, with the 50-day EMA near $1.2702 adding further weight to this bullish outlook.
On the downside, immediate support is at $1.2630, and a decline below the pivot point could shift momentum towards $1.2605 and $1.2579. As long as GBP/USD remains above the pivot, the tone is positive, but a break below could trigger sharp selling pressure.
The euro falls while industrial production misses forecasts
The euro (EUR) faced downward pressure due to weaker than expected industrial production data. Industrial production fell 2.0% in October, easily beating forecasts for a 1.3% decline and reversing from a previous 1.5% increase.
Preliminary figures on GDP and employment change both met expectations, with GDP growing by 0.4% and employment increasing by 0.2% quarter on quarter.
Investors are now looking to upcoming data, including the German WPI and EU economic forecasts, for further guidance on the outlook for the euro.