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GBP/USD Technical Analysis - GBP/USD Trading: 2024-10-21
GBP/USD Technical Analysis Summary
Below 1.30288
Sell Stop
Above 1.30566
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Sell |
| Fractals | Neutral |
| Parabolic SAR | Sell |
GBP/USD Chart Analysis
GBP/USD Technical Analysis
The GBPUSD technical analysis of the price chart on 1-hour timeframe shows GBPUSD,H1 is declining after multiple failed tests of the 200-period moving average MA(200). We believe a bearish movement will resume after the price breaches below the lower bound of the Donchian channel at 1.30288. 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 1.30566. 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’s retail sales volume grew again in September. Will the GBPUSD price resume advancing?
UK’s retail sales volume grew again in September: the Office for National Statistics reported retail sales volume rose 0.3% over month in September after 1.0% growth in August, when an 0.4% decrease was forecast. Computers and telecommunications retailers grew strongly but were partly offset by decreases in supermarkets. Sales volumes rose by 1.9% in the three months to September when compared with the previous three months to June, and a 2.6% rise was recorded when comparing with the same period last year. Rising UK sales volumes is bullish for British Pound and GBPUSD, but the current setup is bearish for the currency pair.
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