GBPUSD

The GBP/USD pair remains under pressure due to the expectations of a half-point rate cut by the BoE and Fed by the end of the year, and a quarter-point rate cut expectation by the ECB. In particular, the Dollar Index surpassing the 34-day average and staying above the 233-day average is creating downward pressure on the pair. This week, speeches from BoE, ECB, and Fed officials, preliminary PMI data for the manufacturing and service sectors, and US housing statistics will be closely monitored. The Classic Dollar Index's movement towards the 104.50 – 105.00 region could sustain the downward pressure on GBP/USD.

The chart shows the GBP/USD pair's movement in the daily time frame. Despite testing the resistance at the 1.303 level, the pair is trading below this level. In case of downward movements, the support levels of 1.298 and 1.294 can be monitored. The RSI indicator is at the 48 level, showing a neutral outlook, which indicates that the current pressure on the pair could continue. A 0.07% decline is observed in the pair compared to the previous day. Movements below the 1.298 support would be critical for the continuation of the downtrend in the current situation.