US Dollar Forecast: Fed Rate Cut on the Horizon – Gold, GBP/USD, and EUR/USD Outlook

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GBP/USD Price Chart – Source: Tradingview

The GBP/USD pair is showing some strength and is currently trading at $1.29459, up 0.52% today. With support remaining above the pivot point at $1.29159, a cautiously bullish tone is being heard in the near term.

Immediate resistance is at $1.29664, followed by stronger resistance around $1.30021, which traders will be watching closely. The 50-day EMA at $1.29371 is just below the current price, reinforcing the uptrend.

If GBP/USD breaks through $1.30021, it could target the next resistance at $1.30411. However, a drop below the pivot would shift momentum, potentially leading to selling pressure towards the $1.28849 support.

For now, the pair remains in a bullish zone, but any move below $1.29159 could change that outlook.

The euro is falling while German industrial production is falling sharply

The euro is under pressure after disappointing economic data from Germany and France. German industrial production fell 2.5%, significantly below the forecast of -1.1%, due to economic weakness in Europe’s largest economy. In addition, Germany’s trade surplus fell to EUR 17.0 billion, which did not meet expectations.

In France, preliminary private payrolls fell by 0.1%. The upcoming retail sales data will be crucial for the euro’s short-term prospects as traders assess economic resilience in the euro zone amid signs of slowing growth.

EUR/USD Technical Forecast

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