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.
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).
Indicators:
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.
| 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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