GBPUSD

The GBP/USD pair is seeing pressure under the theme of a strong US dollar and weakening Euro and Sterling. The continued contraction in the Eurozone manufacturing sector and low levels of unemployment claims in the US increase optimism over the Dollar Index (DXY). This situation is causing the selling to deepen in the pair. In the coming days of the week, when the US ISM Manufacturing PMI data will be followed, the impact of economic data on the pair should be closely monitored.

Technically, the GBP/USD pair is trading at around 1.239, with support levels tracked at 1.236, 1.2315, and 1.2270. Resistance levels are followed at 1.24, 1.2445, and 1.2485. The RSI indicator is at 36, indicating the market is near an oversold territory. It is observed that the pair has declined by 0.12% compared to the previous day. Therefore, the pair may continue to remain under pressure; however, the proximity to the oversold territory also points to a short-term recovery possibility.