GBPUSD

The GBP/USD pair is shaped by significant economic data and developments from the US and the Eurozone. While US inflation data and Fed's interest rate policy expectations influence the pair, the market focus has shifted to the Fed meeting on December 18 ahead of the Christmas holiday. Growth data from the UK could also impact the direction of the GBP. Meanwhile, selling pressure originating from China in the Asian markets and fluctuations in US indices are among the factors affecting global market risk appetite.

Technically, the GBP/USD pair is trading at the 1.266 level and is attempting to stay above this level. The 1.2726 and 1.266 levels are being monitored as support, while upward movements could face resistance at 1.281, 1.286, and 1.29 levels. The RSI indicator is at 38, showing a negative outlook. The pair has decreased by 0.10% compared to the previous day. If it breaks below the 1.261 level, the downward trend might strengthen further. However, as long as the pair continues its movement below the 1.2727 level, the short-term negative trend pressure could remain effective.