GBPUSD
The GBP/USD pair continues to remain under pressure due to the strong course of the dollar index and the political developments in the US. The global strengthening of the dollar increases the downward pressures on the GBP/USD pair. The preliminary Manufacturing and Services PMI data to be announced this week may enhance market volatility. Expectations of interest rate cuts at the upcoming meetings of the BoE and the Fed may also affect the pair. In particular, the US presidential election results and the market reactions to Trump's policies will be decisive in the direction of the pair's movement.
From a technical perspective, the GBP/USD pair is moving below the 34 and 55-period exponential moving averages on the daily chart. This indicates that the pair maintains its downward trend. If the pair drops below the 1.2890 level, the probability of a retracement towards the 1.286 and 1.282 support levels may increase. In upward movements, the 1.294 and 1.298 resistance levels should be monitored. The RSI indicator is around the 40 levels, exhibiting a negative outlook. The pair's 1.10% decrease compared to the previous day indicates a significant selling pressure in the markets.
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