GBPUSD

The GBP/USD pair is being closely watched ahead of the U.S. Federal Reserve's interest rate cut expectations and critical employment data. According to FedWatch forecasts, there is a 72% probability of a quarter-point rate cut at the Fed's December meeting. Employment data coming from the U.S. could either strengthen or weaken this expectation. While this situation may have a determining effect on the dollar, expectations of steps to support the economy in China are creating a positive divergence in global markets.

Technically, the GBP/USD pair is attempting to stay above the 1.2682 level, which is the 34 and 55-period averages. However, for a stronger upward movement, the resistance at the 233-period average of 1.2820 needs to be overcome. Otherwise, a negative trend might be in the cards for the pair. Intraday support levels are identified at 1.272, 1.2682, and 1.261, while resistance levels stand at 1.277, 1.282, and 1.286. The RSI indicator currently shows a neutral outlook and is trading with a 0.13% decline compared to the previous day. The pair's movement at these levels could be significant for determining short-term direction.