The GBP/USD pair is trading at $1.29952, down 0.63% for the day. The pair is under pressure and is just below the pivot point at $1.30298. Immediate resistance is seen at $1.30600, with further levels at $1.30890 and $1.31128.
On the downside, immediate support is at $1.29877, followed by $1.29614 and $1.29397. The 50-day EMA at $1.30963 and the 200-day EMA at $1.31387 indicate a bearish outlook as long as the pair remains below these levels.
A symmetrical triangle pattern signals indecision, but a break above $1.30298 could spark bullish momentum.
Euro gains amid positive German economic sentiment
The euro (EUR) strengthened after Germany’s ZEW Economic Sentiment index rose to 13.1, beating expectations of 10.2. Furthermore, broader sentiment in the Eurozone rose to 20.1, reflecting optimism across the region.
Despite a small decline in the German WPI of -0.3%, positive industrial production figures of 1.8% helped support the currency. Investors are now looking to ECB President Lagarde’s speech later today for further market signals.