- Posted By: james w
- Category: Market News
GBPUSD Bullish Signal Above Ichimoku Cloud and MA
The GBPUSD, often referred to as “Cable,” represents the exchange rate between the British Pound (GBP) and the US Dollar (USD), two of the most traded currencies globally. This forex pair is highly influenced by economic factors, political events, and central bank policies from both the UK and the US. The upcoming economic data for today includes significant updates like the Bank of England’s Quarterly Bulletin, as well as important US indicators like the Core Durable Goods Orders and Consumer Confidence, which may drive the GBPUSD volatility. In fundamental terms, the British Pound’s performance may be affected by the Bank of England’s perspective on economic growth, inflation, and monetary policy, while the US Dollar could be influenced by today’s durable goods orders and consumer confidence figures. These data points will provide insights into the health of both economies and could lead to sharp moves in the GBPUSD pair.
Chart Notes:
• Chart time-zone is UTC (+02:00)
• Candles’ time-frame is 4h.
Analyzing the uploaded GBPUSD H4 chart, the price line recently broke above the Ichimoku Cloud as well as the 100-period moving average (MA), signaling a potential shift from a bearish market structure to a bullish trend. This breakout suggests that a bullish wave could be in play, with resistance levels around 1.25770 and 1.26000, while support levels lie near 1.24225 and 1.22900. Traders should watch for confirmation of sustained upward momentum as the price clears these resistance zones, indicating further bullish potential. A failure to maintain above these levels could lead to a return to the support levels, suggesting the need for caution.
• DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.