GBP/USD is trading at $1.29754, up 0.14%, showing strength above the key pivot at $1.29475. This pivot acts as a critical support, and as long as the pair holds above it, the outlook remains cautiously bullish.

Immediate resistance is at $1.29980, with further targets at $1.30194 and $1.30429, signaling potential for upward movement. On the downside, support levels are set at $1.29236, $1.28875, and $1.28539.

The 50-day EMA at $1.29566 reinforces short-term support, while the 200-day EMA at $1.30004 could limit gains. For now, a sustained break below $1.29475 may indicate a shift to a bearish tone.

Euro Slips Amid Weak French Data and Rising Unemployment

The euro (EUR) faced pressure today as French government budget balance widened to -173.8 billion, slightly below the previous -171.9 billion. Additionally, French industrial production declined by -0.9%, worse than the expected -0.5%.

Meanwhile, Spanish unemployment increased by 26.8K, marginally above the forecast of 26.5K, adding concerns over labor market weakness.

Traders are now focusing on the ECOFIN meetings for potential fiscal policy insights that may impact the euro’s trajectory.

EUR/USD Technical Forecast