Welcome to Extreme Investor Network, where we provide you with unique insights and valuable information on the stock market, trading, and Wall Street. Today, let’s take a closer look at the GBP/USD price chart.
GBP/USD Price Chart Analysis:
The GBP/USD pair is currently testing a crucial resistance level around $1.30624. A sustained move above this level could indicate further bullish momentum, with the next resistance levels at $1.31348 and $1.31654 in focus. On the downside, immediate support is seen at $1.30624, followed by a deeper support level at $1.30338.
However, if the pair breaks below $1.30624, it could lead to increased selling pressure, pushing GBP/USD lower towards $1.30132. Traders should keep a close eye on a clear breakout for a more definitive outlook.
Euro Steady Amid German Retail Sales Data:
The Euro (EUR) has remained stable despite mixed trends in German retail sales data. While May and June saw declines of -1.4% and -1.1% respectively, July and August showed a recovery with gains of 1.5% and 1.6%. Traders are now looking towards Italy’s industrial production and the ECB Monetary Policy Meeting for further guidance on the EUR’s near-term direction.
EUR/USD Technical Forecast:
The EUR/USD pair is currently trading around $1.09382, with a slight decline of 0.01% for the day. A descending trendline around $1.09457 is acting as a significant resistance level, reinforcing the bearish outlook for the pair.
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