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GBP/USD Technical Analysis - GBP/USD Trading: 2024-10-07
GBP/USD Technical Analysis Summary
Below 1.30891
Sell Stop
Above 1.31738
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
GBP/USD Chart Analysis
GBP/USD Technical Analysis
The technical analysis of the GBPUSD price chart on 4-hour timeframe shows GBPUSD,H4 is declining after breaching below the 200-period moving average MA(200) as the price retraced down following a rebound to thirty-two month high ten days ago. We believe the bearish momentum will continue after the price breaches below lower bound of Donchian channel at 1.30891. A level below this can be used as an entry point for placing a pending order to sell. The stop loss can be placed above 1.31738. After placing the order, the stop loss is to be moved to the next fractal high 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 construction sector activity accelerated sharply in September. Will the GBPUSD price retreating reverse?
UK’s construction sector activity accelerated sharply in September: SP Global reported UK Construction PMI jumped to 57.2 in September from 53.6 in August, when a decrease to 53.1 was forecast. Readings above 50.0 indicate industry expansion, below indicate contraction. Business activity growth across the UK construction sector accelerated to its fastest for nearly two-and-a-half years. All three categories of construction recorded activity increase in September: housing projects; commercial activity and civil engineering activity. Civil engineering was the best-performing subsector. New orders expanded at the strongest rate for two-and-a-half years in September. Greater workloads encouraged additional employment in construction sector. Accelerating expansion of UK construction activity is bullish for the Pound and GBPUSD pair. However, the current setup is bearish for the currency pair.
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