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GBP/USD Technical Analysis - GBP/USD Trading: 2024-01-31
GBP/USD Technical Analysis Summary
Below 1.2639
Sell Stop
Above 1.2720
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Neutral |
| MA(200) | Sell |
| Fractals | Neutral |
| Parabolic SAR | Buy |
GBP/USD Chart Analysis
GBP/USD Technical Analysis
The GBPUSD technical analysis of the price chart on 4-hour timeframe shows GBPUSD,H4 is retreating after breaching below the 200-period moving average MA(200). We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.2639. 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 1.2720. 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 lending to individuals fell faster than expected in December. Will the GBPUSD price retreating continue?
UK net lending to individuals fell faster than expected in December: the Bank of England reported the total value of new credit issued to consumers rose by £0.4 billion over month in December after £2.1 billion increase in November when a growth of £1.5 billion was expected. Lower than expected growth in credit to UK consumers means lower UK consumer spending which is bearish for the Pound and GBPUSD pair. At the same time BOE reported mortgage approvals for house purchases rose from 49,300 in November to 50,500 in December when an increase by 53,000 was expected. Fewer than forecast new borrowing for houses also means slower spending which is also bearish for the Pound and GBPUSD pair.
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