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GBP/USD Technical Analysis - GBP/USD Trading: 2024-05-13
GBP/USD Technical Analysis Summary
Above 1.2540
Buy Stop
Below 1.2501
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Sell |
| Fractals | Neutral |
| Parabolic SAR | Buy |
GBP/USD Chart Analysis
GBP/USD Technical Analysis
The technical analysis of the GBPUSD price chart on 4-hour timeframe shows GBPUSD, H4 is testing the 200-period moving average MA(200) after rebound following retreat to three-week low four days ago. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.2540. 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 1.2501. 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 gross domestic product (GDP) grew in March more than expected. Will the GBPUSD price rebounding continue?
UK’s gross domestic product (GDP) grew in March more than expected: the Office for National Statistics reported UK GDP grew 0.4% over month after 0.2% growth in February when an 0.1% increase was forecast. Services output grew by 0.5% in March while production output grew by 0.2%. Stronger than expected growth of UK economy is bullish for Pound and GBPUSD pair.
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