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GBP/USD Technical Analysis - GBP/USD Trading: 2024-02-22
GBP/USD Technical Analysis Summary
Above 1.2649
Buy Stop
Below 1.2615
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| Parabolic SAR | Buy |
GBP/USD Chart Analysis
GBP/USD Technical Analysis
The GBPUSD technical analysis of the price chart on 1-hour timeframe shows GBPUSD: H1 is rebounding above the 200-period moving average MA(200) after retreating to test the MA(200) yesterday. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.2649. 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 1.2615. After placing the order, the stop loss is to be moved to the next fractal low, following Parabolic indicator 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 home prices rose again in February. Will the GBPUSD price rebound continue?
UK home sellers increased their asking prices for houses a second month in a row: Rightmove House Price Index (HPI) indicated the average price of a property put up for sale rose 0.9% to £362,839 ($456,400) in February after 1.3% increase in January. Prices rose 0.1% over year, the first positive annual reading since July 2023. Gains were recorded across all UK regions including London. Rising UK houses prices is bullish for the Pound and GBPUSD pair.
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