US Dollar Forecast: DXY Gains After U.S. Jobs Data; Gold, GBP/USD, and EUR/USD Outlook

GBP/USD is trading at $1.23934, up 0.15%, as the pair builds momentum above the $1.23512 pivot point. Immediate resistance is seen at $1.24434, with the next target at $1.24976 if buying interest persists. On the downside, support is firm at $1.23067, with a deeper safety net at $1.22499.

Technical indicators reflect mixed sentiment. GBP/USD trades below its 50-day EMA at $1.25249 and its 200-day EMA at $1.26541, signaling broader bearish pressure. However, oversold conditions suggest the potential for a short-term bounce, particularly if prices remain above $1.23512.

A sustained move above $1.24434 could confirm bullish traction, while a dip below $1.23512 might expose the pair to renewed selling pressure.

Euro Slips as Manufacturing Data Stagnates Across Europe

Eurozone manufacturing data highlighted mixed trends, with Spain’s PMI at 53.3, slightly below the forecast of 53.6, and Italy’s surpassing expectations at 46.2. However, weak numbers from France (41.9) and Germany (42.5) reflect persistent industrial challenges.

The Eurozone Final Manufacturing PMI settled at 45.1, underscoring ongoing contraction. Meanwhile, M3 Money Supply grew by 3.8%, beating forecasts.

Upcoming German unemployment data and Spanish job statistics will provide further insight into labor market conditions impacting the euro’s trajectory.

EUR/USD Technical Forecast