The Pair To Watch Today – GBPUSD
GBP/USD is the pair to watch today! A number of significant economic events and scheduled for the UK and the USA today. The price chart for the pair also looks interesting, so here’s what you should know today for the pair!
GBP Economic Events
The GBP Gross Domestic Product data for Q3 (QoQ and YoY) will be released later today. Forecasts are for the rate of growth to have stayed the same as previously recorded, with 1.3% QoQ growth forecasted, and 6.6% YoY growth forecasted.
The Total Business Investment data for Q3 (QoQ and YoY) will also be released today at the same time. Keep an eye on your economic calendar for these events at 0700 GMT.
USD Economic Events
The USA Gross Domestic Product Annualised data for Q3 is also set to be released today at 1330 GMT. The forecast for this is a 2.1% growth, significantly less than the GBP’s 6.6% annualised growth. Could this be a catalyst for GBP/USD to move to the upside?
Existing Home Sales data out of the USA is also set to be released at 1500 GMT.
Traders should keep a keen eye on these scheduled events to trade the GBP/USD today.
GBP/USD Technical Analysis (1D Chart)
Price is bouncing from support today at the significant 1.3200 level. We’re looking to see if price is able to continue upside from this level. If the bounce continued momentum, we can look for upside to the 1.3510 level or the resistance trendline.
The RSI is currently holding bearish levels, but the MACD has flipped bullish.
Price has broken the descending trendline, and the structure has shifted bullish. As long as price holds above recent structure lows I will look for upside into the most recent high. The RSI and MACD are both bullish on the 1H Chart.