Welcome to Extreme Investor Network, where we provide unique insights and analysis on the stock market, trading, and all things Wall Street. Today, we are looking at the GBP/USD pair and the recent movements in the Euro.
GBP/USD is currently trading at $1.29754, up 0.14% and showing strength above the key pivot at $1.29475. This pivot level acts as crucial support, and as long as the pair remains above it, the outlook remains cautiously bullish. Immediate resistance levels are at $1.29980, with further targets at $1.30194 and $1.30429, indicating potential for upward movement. On the downside, support levels are set at $1.29236, $1.28875, and $1.28539. Keep an eye on the 50-day EMA at $1.29566 for short-term support and the 200-day EMA at $1.30004 for potential resistance.
In Euro news, the EUR faced pressure today due to weak French data and rising unemployment. The French government budget balance widened to -173.8 billion, slightly below the previous figure of -171.9 billion. Additionally, French industrial production declined by -0.9%, worse than the expected -0.5%. Spanish unemployment also increased by 26.8K, slightly above the forecast of 26.5K, raising concerns about labor market weakness. Traders are now closely watching the ECOFIN meetings for any fiscal policy insights that could impact the euro’s trajectory.
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