The GBP/USD pair is trading at $1.30448, up a modest 0.03%. The pivot point sits at $1.3049, serving as a critical level to watch. Immediate resistance is at $1.3104, with further levels at $1.3143 and $1.3189.

On the downside, key support is found at $1.3013, followed by $1.2975 and $1.2942. The 50-day and 200-day Exponential Moving Averages (EMA) both sit at $1.3085, indicating a critical resistance zone.

If the price remains above $1.3049, the trend holds a bullish bias, but a break below this level could trigger a sharp decline. Keep an eye on the $1.3049 level for short-term direction, as it will dictate near-term momentum.

Euro Slips as ECB Rate Decision Looms Amid Weak German Data

For Euro (EUR), the German WPI m/m dropped by -0.8%, significantly missing the forecast of 0.1%, signaling weakening inflationary pressures. Additionally, Italy’s unemployment rate fell slightly to 7.1%, offering some respite to the Eurozone outlook.

However, the key focus is now on the European Central Bank (ECB), which is expected to cut the Main Refinancing Rate to 3.65% vs. 4.25%. The ECB press conference later today will be crucial for setting the tone on future monetary policy, with traders closely watching for signs of further tightening or dovish shifts.

EUR/USD Technical Forecast