GBPUSD Awaits High-Impact UK Economic Data: Will It Fuel the Bullish Momentum?

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.

Key levels to monitor:

• Support (green rectangle): 1.2151-1.21738
• Resistance (magenta rectangle): 1.22939-1.23131
• Volume profile: 1.2280 (lowest volume zone)

Economic Releases to Watch Today

UK, Unemployment Rate

Forecast -195K vs -207K

UK, Claimant Count Change

Forecast 2.3K vs Previous 0.9K

UK, Unemployment Rate

Forecast 4.3% vs Previous 4.3%

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