The GBP/USD is trading at $1.26794, up 0.06%, and remains just above its pivot point at $1.26722. The pair remains in a sideways range, reflecting the market’s indecisiveness. Immediate resistance is at $1.27014, with additional levels at $1.27235 and $1.27500. On the downside, the main support is at $1.26509, followed by $1.26179 and $1.25887.
The 50-day EMA of $1.26715 and the 200-day EMA of $1.26604 provide near-term support and are closely aligned with the pivot. A break above $1.27014 could signal bullish momentum, while a decline below $1.26722 could trigger selling pressure.
Euro gains after Spanish figures impress, then Lagarde speaks
The euro (EUR) found support as Spanish unemployment fell by 16,000 in November, exceeding the expected increase of 29.3 thousand. However, the PMI data showed mixed signals, with Spain’s services PMI falling from 54.9 to 53.1 and Italy’s PMI underperforming at 50.9.
The French and German PMIs remained stable at 45.7 and 49.4 respectively. Traders are now looking to ECB President Lagarde’s speech and the German 10-year bond auction for further insight into the euro’s trajectory.