GBP/USD is trading at $1.27496, up 0.14%, and remains firmly above its pivot point at $1.27173, supported by an upward trendline. The 50-day EMA at $1.27202 and the 200-day EMA at $1.27066 reinforce a near-term bullish bias. Immediate resistance is at $1.27549, with higher targets at $1.27738 and $1.28104 if momentum continues.
On the downside, support is seen at $1.26929, followed by $1.26618 and $1.26297. The outlook for the pair remains bullish as long as it remains above $1.27173, but a break below this level could trigger a sharp sell-off.
Euro weakened by bad data, Eurogroup meetings in prospect
The euro was under pressure on Friday as German industrial production fell 1.0% in October, missing the 1.0% forecast. France’s trade deficit fell slightly to €-7.7 billion, while Italian retail sales fell 0.5%, below expectations of a 0.9% increase.
Meanwhile, revised GDP and employment figures remained stable at 0.4% and 0.2% respectively. Attention now shifts to Monday’s Sentix Investor Confidence and Eurogroup Meetings, where financial policy and stability in the eurozone will be key topics.