GBPUSD bias bearish despite UK service PMI upgrade
Technical Analysis Summary GBP/USD: Sell
| Indicator | Value | Signal |
| RSI | Buy | |
| MACD | Sell | |
| MA(200) | Sell | |
| Fractals | Neutral | |
| Parabolic SAR | Sell |
Chart Analysis
The GBPUSD technical analysis of the price chart on 1-hour timeframe shows GBPUSD: H1 is retracing down under the 200-period moving average MA(200) after rebounding to two-day high yesterday. We believe the bearish movement will continue after the price breaches below 1.1990. 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 1.2124. 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 -
UK services PMI final reading was upgraded for June. Will the GBPUSD price retreat reverse?
UK services PMI final reading was upgraded for June: Markit reported UK service PMI final reading was upgraded to 54.3 for June from 53.4 flash estimate. This is bullish for GBPUSD. However the current setup is bearish for the pair.