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GBP/USD Technical Analysis - GBP/USD Trading: 2024-02-15
GBP/USD Technical Analysis Summary
Above 1.2572
Buy Stop
Below 1.2530
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(200) | Sell |
| Fractals | Buy |
| Parabolic SAR | Buy |
GBP/USD Chart Analysis
GBP/USD Technical Analysis
The GBPUSD technical analysis of the price chart on 1-hour timeframe shows GBPUSD,H1 is rising toward the 200-period moving average MA(200) as it rebounds after hitting ten-day low yesterday. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.2572. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed below 1.2530. After placing the order, the stop loss is to be moved to the next fractal low indicator, following Parabolic signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level without reaching the order, we recommend cancelling the order: the market has undergone internal changes which were not taken into account.
Fundamental Analysis of Forex - GBP/USD
UK’s consumer inflation was steady in January when an uptick was expected. Will the GBPUSD price rebounding continue?
GBPUSD bias bullish despite no expected uptick in UK inflation : the Office for National Statistics reported the Consumer Prices Index grew at steady rate of 4% over year in January when an uptick to 4.1% increase was expected. At the same time the change in the price of goods and services purchased by consumers for the purpose of consumption slowed: the Retail Price Index (RPI) rose 4.9% over year after 5.2% growth in December when 5.1% increase was expected. These reports support views that UK inflation looks set to decline to its 2% target. Moderating UK inflation expectations are bearish for Pound and GBPUSD currency pair. However, the current setup is bullish for the pair.
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