Forex markets monitor EUR/USD and GBP/USD technical pivots

Major currency pairs EUR/USD and GBP/USD are experiencing significant technical movements amid shifting US economic data.

For EUR/USD, the pair is testing a crucial pivot at 1.1230. A breakout above this level could lead to targets of 1.1270 or 1.1340, supported by a V-shape recovery from recent demand zones. Conversely, a failure to break this resistance may result in a pullback toward the 1.1180–1.1200 range. The outlook remains sensitive to US economic releases and the US Dollar Index (DXY) performance.

GBP/USD has extended its recent pullback, trading near 1.3219 and falling below its 100-hour moving average. This movement follows mixed US economic indicators, including an improved 4-week ADP employment change and a slight miss in the US ISM Services PMI. Traders are monitoring upcoming US jobless claims and consumer sentiment data for further direction.