GBPUSD

image

GBPUSD

On the fourth trading day of the week, the GBP/USD pair continues to remain under pressure due to optimistic pricing behaviors in the Dollar Index. Particularly with the release of preliminary Manufacturing and Services PMI data, the positive scenario for the index and the negative scenario for the pair could be supported. On the central banks' front, while a half-point rate cut is expected for both the BoE and the Fed for the remainder of the year, the ECB is anticipated to conclude the year with a quarter-point cut. The movement of the Dollar Index above its 233-day average supports downward pressure on GBP/USD and EUR/USD pairs.

From a technical perspective, the GBP/USD pair remains below the 34 and 55 period exponential moving averages (1.2980 - 1.3030 region). In this case, it's possible for the pair to decline towards the 1.2900 and 1.2865 support levels. For the current scenario to be considered invalid, the pair needs to demonstrate a sustained move above these averages. If the pair recovers, the 1.298 - 1.303 - 1.308 resistance levels should be monitored. The RSI indicator is at the 50 level, displaying a neutral appearance, and shows a 0.14% decline compared to the previous day.

Support :

1.294 - 1.29 - 1.286

Resistance :

1.298 - 1.303 - 1.308