GBPUSD

The GBP/USD pair continues to remain under pressure due to optimistic pricing in the Dollar Index. In particular, the preliminary Manufacturing and Services PMI data from the US and Europe could be decisive in the pair's short-term movements. On the central bank front, the expectation of a half-point rate cut from the BoE and the Fed by the end of the year is being debated among market players. On the other hand, the Dollar Index exhibiting a positive outlook above the 103.25 level contributes to the downward pressure on the GBP/USD pair.

From a technical perspective, when the GBP/USD pair is analyzed on the 1-hour chart, it is observed that the pair remains below the 34 and 55 period exponential moving averages (1.2980 - 1.3030). This suggests that the pair could pull back towards the 1.2900 and 1.2865 support levels. The RSI indicator is at 47, displaying a neutral trend. The pair has experienced a 0.10% decline compared to the previous day. In case of upward movements, the resistance levels to watch are 1.2985, 1.303, and 1.308. It should be considered that the pair needs to make sustained movements above the moving averages to recover.