A sustained move above this level could signal further bullish momentum, with the next resistance levels set at $1.31348 and $1.31654. On the downside, immediate support is seen at $1.30624, with deeper support at $1.30338.
If the pair breaks below $1.30624, it could increase selling pressure, sending GBP/USD lower towards $1.30132.
For now, the outlook remains cautiously bullish above $1.30624, but traders should look for a clear breakout.
Euro stable while German retail sales show mixed trends
The euro (EUR) remained stable as German retail sales showed a mixed trend. The May and June figures showed declines of -1.4% and -1.1% respectively. However, July and August data pointed to a recovery, with gains of 1.5% and 1.6%.
Traders are now focusing on Italian industrial production and the European Central Bank’s (ECB) Monetary Policy Meeting Accounts for further guidance on the near-term direction of the EUR.
EUR/USD Technical Forecast
The EUR/USD is trading around $1.09382, down 0.01% for the day as selling pressure continues to dominate.
A descending trendline around $1.09457 strengthens the bearish outlook and acts as a significant resistance level.