GBPUSD

The GBP/USD pair began the week with PMI data related to the manufacturing sector. It was observed that economic growth in China has gained momentum, while the contraction rate in the US has decreased. The increased contraction rate in Germany and France, important economies in Europe, may heighten uncertainties regarding the European Central Bank's decision on rate cuts. The robust performance of the dollar index continues to exert pressure on the GBP/USD pair. Economic data from the US and statements from Fed officials could influence the direction of the pair.

From a technical standpoint, the GBP/USD pair is trading below the 1.266 resistance level on the daily chart. In downward movements, the pair may find support at the 1.261, 1.2565, and 1.2525 levels. In upward movements, the 1.266, 1.2715, and 1.277 levels can be monitored as resistance. The RSI indicator is at the 44 level, presenting a neutral outlook in the market. The pair has recorded a decrease of approximately 0.06% compared to the previous day. The current outlook suggests that if the GBP/USD pair remains below the 1.261 support level, the downtrend may continue.