GBPUSD

The GBP/USD pair continues to remain under pressure due to the optimistic sentiment in the dollar index and expectations of interest rate cuts. The Manufacturing and Services PMI data to be released today could support the strengthening of the dollar, and this situation might continue the downward trend in the GBP/USD pair. While expectations of interest rate cuts in the upcoming meetings of the BoE and Fed are closely monitored by the markets, it is also evaluated that the US elections could have an impact on the markets. The dollar index staying above the 233-day average stands out as one of the main factors increasing the downward pressure on the pair.

From a technical perspective, the GBP/USD pair continues to trade below the moving averages in the 1.298 - 1.303 region. On the daily chart, the 1.294 and 1.29 levels are monitored as the initial support points, while further down, the 1.2865 support is noteworthy. In upward movements, the 1.298 and 1.303 resistance levels should be watched. The RSI indicator is at the 44 level and shows a negative trend, indicating that the downward movement in the pair may continue. The pair, which experienced a 0.04% decline compared to the previous day, requires a sustained recovery above the moving averages for the current trend to change.