GBP/USD is trading at 1.27609, up 0.08%, maintaining an upward trendline on the 4-hour chart. The pivot point at 1.27272 acts as a key level, with bullish momentum likely above. Immediate resistance is at 1.27987, followed by 1.28574, indicating room for further upside if buyers remain in control.
Support levels are positioned at 1.26644 and 1.26172, providing safety nets in case of a pullback. The 50 EMA at 1.27489 reinforces the near-term bullish outlook, while the 200 EMA at 1.27225 is in line with broader upside momentum. A break below 1.27272 could shift sentiment, leading to sharp selling pressure.
Euro awaits ECB decision after unemployment falls
The euro (EUR) awaits crucial data as Italy’s quarterly unemployment rate fell to 6.6%, beating forecasts of 6.8%. The focus now shifts to the policy updates from the European Central Bank (ECB).
The main refinancing rate is expected to fall from 3.40% to 3.15%, accompanied by the ECB’s Monetary Policy Statement and Press Conference.
These events are crucial in shaping market sentiment and future monetary policy, and could potentially drive volatility in the Eurozone currency markets.