GBP/USD is trading at $1.27508, slightly down by 0.05% in the session, as it remains above the pivot point at $1.27389. This level aligns with near-term bullish sentiment, supported by an upward channel providing a foundation for further gains.

Immediate resistance stands at $1.27703, with subsequent targets at $1.27932 and $1.28143. On the downside, key support is found at $1.27136, followed by $1.26863 and $1.26600.

The 50-day EMA at $1.27058 and the 200-day EMA at $1.27018 underline a supportive zone, suggesting a bullish structure. A sustained move above $1.27389 could open the door to higher resistance levels.

Euro Declines as Factory Orders, Retail Sales Disappoint

The Euro faced pressure as mixed economic data raised concerns. German Factory Orders fell by 1.5%, better than the forecasted -2.0% but far below last month’s 7.2% surge.

French Industrial Production dipped by 0.1%, missing expectations of 0.2%, while Retail Sales across the Eurozone declined by 0.5%, underperforming the predicted -0.3%.

Meanwhile, German Industrial Production dropped 1.0%, countering a forecasted 1.0% gain. These figures underscore ongoing economic challenges, impacting sentiment around the Euro.

EUR/USD Technical Forecast