US Dollar Price Forecast: DXY Rises Despite Fed Rate Cut; Gold, GBP/USD and EUR/USD Outlook

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GBP/USD Price Chart – Source: Tradingview

GBP/USD is trading at $1.2945, down 0.31%, and is near a key pivot point at $1.2941. This level is critical; staying below could keep a bearish trend in place, with immediate support at $1.2916 and further down at $1.2885.

On the upside, a break above $1.2941 could attract buyers targeting resistance levels at $1.2966 and $1.3002. The 50-day EMA at $1.2947 and the 200-day EMA at $1.2983 indicate a slight bearish bias in the near term.

Euro under pressure as German production falls by 2.5%

The euro is facing downward pressure from weak data from Germany, where industrial production fell 2.5%, well below the expected 1.1% decline. The German trade balance also disappointed at 17.0 billion euros, missing the forecast of 20.8 billion euros.

While French retail sales showed slight growth of 0.5%, other indicators in the eurozone remain mixed.

Traders are keeping a close eye on upcoming Italian industrial manufacturing and retail sales data to gauge the euro’s near-term direction amid signs of economic weakness in Europe.

EUR/USD Technical Forecast

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