US Dollar Forecast: Will DXY Hold Above Key Support $104.95? Gold, GBP/USD and EUR/USD Outlook

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GBP/USD Price Chart – Source: Tradingview

GBP/USD is trading slightly up at $1.2919, with support from an uptrend line, and remains bullish as long as it remains above the pivot at $1.2901. Immediate resistance is at $1.2948, with further barriers at $1.2976 and $1.3009.

A drop below the pivot point could trigger a sharper decline, testing support at $1.2863 and $1.2834. The 50-day EMA of $1.2939 and the 200-day EMA of $1.2977 add significant overhead resistance, which could challenge further gains.

For now, sentiment leans bullish above $1.2901, but a break below would signal a shift. So keeping an eye on these levels is essential for estimating GBP/USD’s next moves.

The euro is weakening due to poor French trade and Italian production data

The euro (EUR) is under pressure after mixed data from the eurozone. France’s trade balance deteriorated, recording a deficit of €8.3 billion, below the forecast of €7.0 billion.

Italian industrial production fell 0.4%, in line with expectations, while Italian retail sales surprised on the upside, growing 1.2% against expectations of 0.2%.

With a French holiday on Monday, the EUR could remain within the range without any major market-moving events in the short term.

EUR/USD Technical Forecast

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