GBP/USD is trading at $1.27185, up 0.14% on the session, reflecting a cautiously bullish tone. The pair remains above its pivot point at $1.26916, indicating potential upside momentum.
Immediate resistance is at $1.27217, followed by targets at $1.27452 and $1.27693. The main support levels are $1.26610, $1.26408 and $1.26173.
The 50-day EMA of $1.26873 and the 200-day EMA of $1.26676 strengthen near-term support, highlighting $1.26916 as a crucial level. A break above $1.27217 could pave the way for further gains, while a dip below $1.26916 could trigger sharper selling.
The euro remains subdued amid mixed PMI data and Lagarde’s comments
The euro saw limited movement as mixed PMI data highlighted uneven growth in the services sector. The Spanish PMI fell to 53.1, while the Italian PMI fell to 49.2.
The French PMI improved slightly to 46.9. ECB President Lagarde reiterated a dovish tone, saying interest rate cuts would continue, although their pace remains uncertain.
The German PPI met expectations at 0.4%, while upcoming industrial and retail data will provide further guidance for the euro.