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GBP/USD Technical Analysis - GBP/USD Trading: 2024-03-13
GBP/USD Technical Analysis Summary
Below 1.2745
Sell Stop
Above 1.2820
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Buy |
| Fractals | Sell |
| Parabolic SAR | Sell |
GBP/USD Chart Analysis
GBP/USD Technical Analysis
The GBPUSD technical analysis of the price chart on 4-hour timeframe shows GBPUSD,H4 is retracting down to the 200-period moving average MA(200) after hitting seven-month high five days ago. We believe the bearish momentum will continue after the price breaches below the lower bound of the Donchian channel at 1.2745. 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 1.2820. 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
The number of people claiming unemployment related benefits in UK increased less than expected in February. Will the GBPUSD price retreating reverse?
The number of people claiming unemployment related benefits in UK increased less than expected in February: the UK Office for National Statistics reported the claimant count - number of people claiming unemployment related benefits during the previous month, rose by 16.8 thousand in February after 3.1 thousand increase in previous month, when an increase of 20.3 thousand was forecast. However the change in Average Earnings Index ( the 3-month moving average compared to the same period a year earlier) representing the change in the price businesses and the government pay for labor, including bonuses – rose less than expected in January. Slower rise in the number of unemployed UK people is bullish for GBPUSD. However, the current setup is bearish for the pair.
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