Bigger than expected United Kingdom’s inflation bullish for GBPUSD
Technical Analysis Summary GBP/USD: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Buy | |
| MA(200) | Buy | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Chart Analysis
On 1-hour timeframe GBPUSD: H1 is retracing higher above the 200-period moving average MA(200) which is rising. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.3296. 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 1.3245. After placing the order, the stop loss is to be moved to the next fractal low, 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 -
United Kingdom’s inflation was bigger than expected. Will the GBPUSD rebound continue?
United Kingdom’s inflation was bigger than expected: the inflation rate, which tracks the prices of goods and services, rose to 0.7% over year in October from 0.5% in September according to the Office for National Statistics, when no change was expected. This is bullish for GBPUSD.