GBPUSD

The GBP/USD pair gained value amid the pressure following the approach of the Classic Dollar Index to its October 2023 peak. This pullback in the Dollar Index created a positive reaction, especially in pairs like GBP/USD and EUR/USD. While the 34 and 233-day moving averages of the Dollar Index support the primary trend's upward movement, macro developments during the week may be decisive in determining how long this reaction in the index will last. However, if the Dollar Index rises above the 107 level, the possibility of targeting the 109.25 level from November 2022 should not be ignored.

From a technical outlook perspective, it is observed that GBP/USD continues to remain below the 34 and 55-period exponential moving averages in the 1.2720-1.2780 region. This indicates a negative trend for the pair. If the downward movement strengthens, slipping below the 1.2600 level could mean further pressure towards the 1.2445 level. The current price is trading at the 1.2670 level, and the RSI indicator shows a negative outlook at the 42 level. The pair recorded a 0.06% decline compared to the previous day. The support levels are monitored at 1.2645, 1.26, and 1.256, while resistance levels can be tracked at 1.272, 1.278, and 1.286.