US Dollar Price Forecast: Weak Jobs Data Spurs Gold Rise, GBP/USD, EUR/USD Outlook

GBP/USD is trading at $1.29866, up 0.56%, but sits just below a crucial pivot point at $1.29988. This level is pivotal: a break above it could open the path to immediate resistance at $1.30268, with further targets at $1.30434 and $1.30666.

On the downside, support holds at $1.29664, with additional layers at $1.29432 and $1.29100. The 50-day EMA at $1.29463 suggests mild support, while the 200-day EMA at $1.29669 could act as a short-term floor.

Right now, staying below $1.29988 keeps the bias bearish, while breaking above would likely drive bullish momentum.

Euro Supported by Positive Spanish Manufacturing Data

The Euro (EUR) showed resilience as Spain’s Manufacturing PMI beat expectations, rising to 54.5 against the forecast of 53.1.

This positive surprise adds support to the euro amidst expectation of steady readings in Italy, France, and Germany’s manufacturing PMIs.

Sentix Investor Confidence, while still negative, improved to -12.7 from -13.8, signaling slightly reduced pessimism. With Eurogroup meetings scheduled, the EUR may see further movement based on policy discussions.

EUR/USD Technical Forecast