GBPUSD

The GBP/USD pair continues to remain under pressure due to the strong outlook of the Dollar Index and the general demand for the dollar in the markets. With the preliminary Manufacturing and Services PMI data to be announced today, it appears that there may be more pressure on the pair. The rate cut expectations from both the BoE and the Fed also create a bidirectional effect. Particularly, the uncertainty before the U.S. elections and the additional risks that Trump's policies might create could support the downward movement of the pair.

Technically, the GBP/USD pair is trading below the 34 and 55 period exponential moving averages (1.2980 - 1.3030) on the 1-hour chart. This suggests that downward pressure might continue. The 1.294 and 1.29 levels are monitored as support, and if these levels are broken, a pullback towards the 1.2865 support can be observed. In upward movements, the 1.303 and 1.308 resistance levels should be followed closely. The RSI indicator is at the 47 level, showing a neutral outlook. The pair has experienced a 0.55% decline compared to the previous day.