GBP/USD is trading at $1.27185, up 0.14% for the session, reflecting a cautiously bullish tone. The pair remains above its pivot point at $1.26916, signaling potential upward momentum.

Immediate resistance lies at $1.27217, followed by targets at $1.27452 and $1.27693. Key support levels include $1.26610, $1.26408, and $1.26173.

The 50-day EMA at $1.26873 and the 200-day EMA at $1.26676 reinforce near-term support, underscoring $1.26916 as a critical level. A break above $1.27217 could pave the way for further gains, while a dip below $1.26916 may trigger sharper selling.

Euro Stays Subdued Amid Mixed PMI Data and Lagarde’s Remarks

The euro saw limited movement as mixed PMI data highlighted uneven growth in the services sector. Spanish PMI dropped to 53.1, while Italian PMI declined to 49.2.

French PMI improved slightly to 46.9. ECB President Lagarde reiterated a dovish tone, stating that rate cuts would continue, though their pace remains uncertain.

German PPI met expectations at 0.4%, while upcoming industrial and retail data will provide further direction for the euro.

EUR/USD Technical Forecast