The GBP/USD is trading at $1.26794, up 0.06%, holding just above its pivot point at $1.26722. The pair remains in a sideways range, reflecting market indecision. Immediate resistance is at $1.27014, with additional levels at $1.27235 and $1.27500. On the downside, key support lies at $1.26509, followed by $1.26179 and $1.25887.

The 50-day EMA at $1.26715 and the 200-day EMA at $1.26604 provide near-term support, aligning closely with the pivot. A breakout above $1.27014 could signal bullish momentum, while a drop below $1.26722 may trigger selling pressure.

Euro Gains as Spanish Data Impress, Lagarde Speaks Next

The euro (EUR) found support as Spain’s unemployment dropped by 16,000 in November, defying the forecasted rise of 29.3K. However, mixed signals emerged from PMI data, with Spanish Services PMI falling to 53.1 from 54.9 and Italian PMI underperforming at 50.9.

French and German PMIs remained stagnant at 45.7 and 49.4, respectively. Traders now eye ECB President Lagarde’s speech and the German 10-year bond auction for further insights into the euro’s trajectory.

EUR/USD Technical Forecast