GBPUSD

The GBPUSD pair saw buying reactions as the Dollar Index approached the October 2023 peak of 107. Ahead of the Fed meeting scheduled for December 18, key economic indicators such as the PCE Deflator data to be announced on November 27, Non-Farm Employment data to be published on December 6, and the November CPI data to be announced on December 11 could shape Fed expectations. Currently, the probability of a quarter-point rate cut by the Fed in the December meeting is assessed at 59%. Today, Growth data from the UK and Core Retail Sales data from the US will be closely monitored.

Technically, the GBPUSD pair is exhibiting a negative trend below the 34 and 55-period exponential moving averages (1.2780 – 1.2820). If it falls below the 1.2600 level, pressure is expected to continue towards the 1.2445 level. However, if a recovery movement occurs, it might rise above the 1.2720 level, but it should be noted that the 34 and 55-period exponential moving averages form strong resistance levels. The RSI indicator is at a 45 level, showing a slightly negative outlook. The pair has decreased by 0.068% compared to the previous day. Support levels are observed at 1.2645, 1.26, and 1.256; resistance levels are noted at 1.272, 1.278, and 1.282.