GBPUSD

The GBP/USD pair is following a volatile trend in light of global market developments. The Dollar Index reaching its October 2023 peak, PMI data from the US and Europe, and geopolitical risks are influencing the pair. While data on the UK's manufacturing and service sectors provide important clues about economic activity, on the US side, Fed policies and economic indicators are among the factors determining the pair's direction. Particularly, the strong stance of the Dollar Index puts pressure on GBP/USD, and the results of PMI data might increase this pressure.

From a technical standpoint, the GBP/USD pair continues its movement below the 34 and 55-period exponential moving averages in the 1.2660 - 1.2700 range. If the downward movements continue in the pair, which is currently at 1.2572, the support levels of 1.2560, 1.2520, and 1.2485 can be monitored consecutively. In case of an upward recovery, the resistance levels of 1.2600, 1.2660, and 1.2700 will be prominent. The RSI indicator is at the neutral level of 48. The change in the pair shows a 0.14% decrease compared to the previous day.