Baxia Markets
June 27, 2024

GBPUSD Technical Analysis: Bullish Signals Emerge on 1-Hour Chart

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Overview: The GBP/USD pair recently exhibited a Change of Character (CHoCH) by breaking above the recent swing high, as indicated by the lowest orange rectangle on the chart. This shift suggests a potential change in market sentiment from bearish to bullish.

GBPUSD Technical Analysis: Bullish Signals Emerge on 1-Hour Chart

Current Trend: Following the CHoCH, the market has shown a strong bullish impulse, pushing prices towards the 50-period Exponential Moving Average (EMA). The momentum appears to be sustaining, indicating a potential continuation towards the 200-period EMA or the Fair Value Gap (FVG).



  • Relative Strength Index (RSI): The RSI is trending upwards and approaching the 60% level. A break above 60% could serve as an early signal of a bullish reversal, suggesting increasing buying momentum.
  • Moving Average Convergence Divergence (MACD): Both the MACD line and the signal line are sloping upwards. The MACD line crossing above the 0 line would further confirm a bullish trend.

Key Levels:

  • Support: The key support level is marked by the recent bullish engulfing candlestick at the recent swing low. This level serves as a critical area where buyers have previously shown strength.
  • Resistance: Immediate resistance is at the 50-period EMA, with potential targets at the 200-period EMA and the FVG area.

Conclusion: The GBP/USD pair is currently exhibiting bullish signals on the 1-hour time frame, supported by both price action and technical indicators. The break above the recent swing high (CHoCH) and the upward movement towards the 50-period EMA suggest further bullish potential. Confirmation from the RSI breaking above 60% and the MACD crossing above the 0 line would solidify the bullish outlook. Traders should watch the key support at the bullish engulfing candlestick and the resistance at the 50-period EMA for potential trading opportunities.

Key Economic Releases to Watch Today

Time (GMT) Currency Event Impact Actual Forecast Previous
06:50 JPY Retail Sales YoY Medium 3% 2% 2.4%
08:00 NZD ANZ Business Confidence Medium 6.1 10.2 11.2
15:00 EUR Business Confidence Medium 86.8 88.7 88.4
-- EUR Consumer Confidence Medium 98.3 97 96.4
16:00 EUR Economic Sentiment Medium 96.2 96 --
17:00 AUD RBA Hauser Speech Medium -- -- --
18:30 EUR Business Confidence Medium -5 -6.3 --
19:30 USD GDP Growth Rate QoQ Final High   1.4% 3.4%
19:30 USD GDP Price Index QoQ Final High   3.1% 1.7%
19:30 USD Core PCE Prices QoQ Final High   3.6% 2%
19:30 USD Durable Goods Orders Ex Transp MoM Medium   0.2% 0.4%
19:30 USD Durable Goods Orders ex Defense MoM Medium   -0.1% 0%
19:30 USD Durable Goods Orders MoM Medium   -0.1% 0.7%
19:30 USD Initial Jobless Claims High   236K 238K
19:30 USD Wholesale Inventories MoM Adv Medium   0.1% 0.1%
19:30 USD Goods Trade Balance Adv Medium   $-96B $-99.41B
19:30 USD Retail Inventories Ex Autos MoM Adv Medium   0.2% 0.3%
21:00 USD Pending Home Sales MoM Medium   2.5% -7.7%
21:00 USD Pending Home Sales YoY Medium   2.5% -7.4%


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