Welcome to Extreme Investor Network, where we provide you with valuable insights and analysis on the stock market, trading, Wall Street, and more. Today, we are focusing on the GBP/USD and EUR/USD currency pairs, offering expert technical forecasts and highlighting key factors impacting their performance.
Starting with the GBP/USD pair, resistance is currently seen at $1.32947, with potential for further upside towards $1.33130 if this level is breached. However, it is important to note that the pair is under bearish pressure, as indicated by the 50-day and 200-day Exponential Moving Averages. To shift sentiment to a more positive outlook, GBP/USD will need to climb above the pivot point.
Shifting our focus to the EUR/USD pair, we see that it is trading slightly lower at $1.10592, reflecting a cautious sentiment in the market. The pair has slipped below its pivot point at $1.10687, which now acts as immediate resistance. The recent Core CPI Flash Estimate for the euro held steady at 2.7%, in line with expectations, while the overall CPI was 1.8%. Investors are now awaiting the Eurozone Services PMI data, with readings from key countries such as Spain, Italy, France, and Germany.
A strong performance in services activity could bolster EUR sentiment, but any weakness may dampen gains and raise concerns about the region’s economic growth. Stay tuned for updates on these currency pairs and more here at Extreme Investor Network, where we provide unique insights to help you navigate the complexities of the market.