GBPUSD - Potentially Bullish Towards 1.28

Taking a look at the 1 hour chart, price action managed to break and hold above two key levels of resistance that I marked up on my chart.

Without a doubt there definitely is bullish momentum in play. RSI looks to break above 70.

However, this morning from the US, we have Core PCE reporting so for that reason, I'm neither bullish nor bearish. The forecast is for a less than previous figure which if does come inline with expectations would suggest that inflation is showing signs of it cooling off.

I need to wait and see what type of figures we get before making a decision on how I plan to trade this pair. What if figures beat analysts expectations? Well then I think this pair will likely sell off.

Let's look at a few example, say we get a weaker than expected report. That will likely cause US dollar weakness and my "Potential Bullish Target" that I mentioned on the chart will likely realize. There's also a chance that from a weaker than expect report US dollar sores up towards 1.29 in today's trading session.

So whatever the case, there a lot of uncertainty in terms of direction and momentum from this upcoming report and so for that reason I'm waiting it out.