GBPUSD

The GBP/USD pair continues to remain under pressure with the positive trend in the Dollar Index. The forthcoming Manufacturing and Services PMI data to be announced in the UK and the US may influence the market's direction. On the central banks' side, the possibility of interest rate cuts by the Bank of England (BoE) and the Federal Reserve (Fed) in the remaining meetings of the year is being considered. However, it is thought that the US elections and potential policies of Trump could further strengthen the dollar. If the Dollar Index continues to trade above the 233-day moving average, the pressure on GBP/USD may persist.

Technically, the GBP/USD pair is trading near the 1.2985 support level on the 4-hour chart. If the pair falls below this level, it may decline towards the 1.294 and 1.29 support levels. On upward movements, the 1.303, 1.308, and 1.3135 levels can be monitored as resistance. The RSI indicator is at level 38 and exhibits a negative outlook. The pair has depreciated by 0.13% compared to the previous day. Technical indicators suggest that the pair remains under pressure and may continue its downward trend.