Today's GBPUSD is set for a whirlwind as high-impact UK economic data hits the scene. Traders are keeping a close eye on the Employment, Unemployment Rate, and Claimant Count Change figures from the UK, with economists holding optimistic expectations for these releases. A favorable outcome meeting or exceeding forecasts could fuel a bullish run for GBPUSD. However, should the data prove mixed or fall short of expectations, it might usher in a correction to the recent bullish momentum that's been building since last Friday.
GBPUSD Price Action
EMA 50 & EMA 200 are both displaying bullish sentiment, with the EMA 50 positioned above the EMA 200.
The MACD is in a bullish stance, as both the signal line and histogram remain above the 0 line. Any crossover of the histogram above the signal line could indicate a bullish correction.
Observing the Volume Profile indicator on the right:
The price currently resides well above the value area, denoted in pink. This suggests that the market is bullish. However there's a potential resistance could be encountered around the 1.2280 mark.
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