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GBP/USD Technical Analysis - GBP/USD Trading: 2024-09-23
GBP/USD Technical Analysis Summary
Above 1.33392
Buy Stop
Below 1.32673
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Neutral |
| 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 4-hour timeframe shows GBPUSD,H4 is rising above the 200-period moving average MA(200) as it rebounds after hitting one-month low ten days ago. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.33392. 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 1.32673. After placing the order, the stop loss is to be moved to the next fractal low 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 August. Will the GBPUSD price rebounding continue?
UK’s retail sales volume grew again in August: the Office for National Statistics reported retail sales volume rose 1.0% over month in August after 0.7% growth in July, when an 0.3% increase was forecast. Sales volumes rose by 1.2% in the three months to August when compared with the previous three months to May, and a 1.0% rise when comparing with the same period last year. August volumes rose with unseasonably strong food and clothing sales. Rising UK sales volumes is bullish for British Pound and GBPUSD.
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