GBPUSD

The GBP/USD pair continues to remain under pressure due to strong economic data from the US and a recovery in the dollar index. Inflation data from the Eurozone coming in line with expectations, along with the ISM Services PMI and JOLTS job openings data announced in the US, contributed to the appreciation of the dollar. Markets will attempt to find direction with developments throughout the day such as the ADP private sector employment data and FOMC meeting minutes. Volatility may increase in the markets ahead of the US non-farm payrolls data.

From a technical perspective, the GBP/USD pair is located at the 1.2485 level, close to a significant support level. On the 1-hour chart, the 1.2470 and 1.2440 levels are monitored as support, while resistance levels at 1.2525 and 1.2565 should be followed for upward movements. The RSI indicator is at 41, indicating a slightly negative market tendency. The pair is showing a 0.10% depreciation compared to the previous day.