GBP/USD is trading at $1.27052, up 0.19%, as it moves closer to the pivot point at $1.27297. The 50-day EMA at $1.27328 acts as immediate resistance and connects with the next level at $1.27544.
A break above $1.27297 could signal further bullish momentum, with targets at $1.27934 and $1.28425.
On the downside, support is at $1.26611, with deeper levels at $1.26146 and $1.25669. A sustained break below $1.27297 could shift momentum into bearish territory.
Euro stable while inflation meets expectations; ECB in focus
The euro (EUR) traded steadily as the final CPI and core CPI missed expectations by 2.0% and 2.7% respectively, while Germany’s current account rose to €37.0 billion, exceeding forecasts from €27.0 billion were exceeded.
German PPI data of 0.2% was in line with expectations, showing a recovery from last month’s -0.5%. The focus shifts to the ECB Financial Stability Review and President Lagarde’s speech for insights into monetary policy.
The upcoming auction results of German 30-year bonds will also gauge investor sentiment in the eurozone.