GBPUSD H4 Analysis Before Fed Powell Speech
The GBPUSD currency pair—widely known as “Cable”—is one of the most liquid and actively traded pairs in the forex market, reflecting the economic dynamics between the UK and the US. Today’s fundamental landscape is dominated by high-impact US events, including speeches from key Federal Reserve figures such as Chair Jerome Powell, Christopher Waller, and others, which are likely to provide critical forward guidance on interest rate policy; any hawkish tone could strengthen the US Dollar. Additionally, traders are closely watching US ISM Manufacturing PMI, Prices Paid, and Construction Spending data—leading indicators of economic health that could impact USD demand if actual figures exceed forecasts. On the UK side, attention turns to the S&P Global Manufacturing PMI and the Nationwide House Price Index, which offer insight into economic activity and housing market trends. If UK data holds firm and the Fed commentary remains measured, GBPUSD could gain bullish momentum; however, stronger US data or more hawkish Fed signals may trigger renewed USD strength, pressuring the pair lower. Overall, today’s fundamental events are pivotal for shaping short-term direction in GBPUSD.
Chart Notes:
• Chart time-zone is UTC (+03:00)
• Candles’ time-frame is 4h.
On the technical front, the GBPUSD pair remains in a long-term bullish trend, supported by a clearly defined ascending trendline visible on the 4-hour chart. However, since May 27th, the pair has experienced a short-term pullback, with price gradually moving lower and recently entering the Ichimoku cloud, which has thinned and shows a flat lower band—suggesting potential consolidation or weakness in bullish momentum. The current price is testing both the Ichimoku support zone and the ascending trendline, making this a key decision area; a bounce could confirm ongoing bullish structure, while a break below may signal deeper correction. Volume has been moderate, showing uncertainty among market participants. The RSI is at 45.52, reflecting mild bearish sentiment without hitting oversold levels. The MACD is slightly bearish, with histogram and lines just below zero, indicating waning momentum. Traders should closely monitor today’s price action in correlation with the fundamental outcomes for confirmation of the next major move.
•DISCLAIMER: Please note that the above analysis is not an investment suggestion by “Capitalcore LLC”. This post has been published only for educational purposes.
