The GBP/USD pair is trading at $1.27321, showing a minor decline of 0.12% on the 4-hour chart. Currently sitting below the pivot point at $1.27542, the pair leans bearish, with immediate support at $1.27210. If prices dip further, we could see additional support at $1.26775 and $1.26446.

On the upside, breaking above $1.27542 could invite bullish momentum, with resistance levels at $1.27935 and $1.28311. The 50-day EMA at $1.28064 and 200-day EMA at $1.28937 suggest overhead resistance, adding to the bearish outlook for now.

EUR Pressured by Weak German Sentiment Data

The Euro struggles as German economic sentiment indicators fall short. The German ZEW Economic Sentiment index dropped to 7.4, below the expected 13.2, reflecting weaker investor confidence.

Additionally, the broader Eurozone ZEW sentiment slipped to 12.5, missing forecasts of 20.5. While the German CPI held steady at 0.4% month-over-month, the softening sentiment underscores ongoing economic challenges in the Eurozone.

Markets now await the German 10-year bond auction results for further direction.

EUR/USD Technical Forecast