GBPUSD forecast bullish despite slowing UK retail sales
Technical Analysis Summary GBP/USD: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Buy | |
| MA(200) | Buy | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Chart Analysis
The GBPUSD technical analysis of the price chart on 1-hour timeframe shows GBPUSD: H1 has rebounded above the 200-period moving average MA(200) which is declining. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.4188. 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 1.4146. 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 -
UK retail sales slowed more than expected in May. Will the GBPUSD rebound continue?
UK retail sales slowed more than expected in May: British Retail Consortium (BRC) reported retail sales rose 18.5% over year in May after 39.6% growth in April, when a 29.5% increase was forecast. This is bearish for GBPUSD. However, technical setup is bullish for GBPUSD.