GBPUSD

Significant price movements are being observed in global markets. Ahead of today's European Central Bank (ECB) interest rate decision and President Lagarde's statements, EURUSD reached 1.08, while GBPUSD hit 1.29. With expectations for November 2024, the Classic Dollar Index, breaking down the 105.45 – 106.45 range, may approach its main support level at the 21-week average (102.35). This could spark new discussions about the psychological levels of EURUSD 1.10 and GBPUSD 1.30.

Looking at the GBPUSD pair, the 1.2760 level stands out as a significant interim support point supporting short-term optimism. This level could provide movement towards the barriers of 1.2910, 1.2950, and 1.2990. However, sustained movements above 1.2910 would strengthen the current bullish sentiment, while otherwise, pressure may build on the interim support area.