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GBP/USD Technical Analysis - GBP/USD Trading: 2023-10-12
GBP/USD Technical Analysis Summary

Above 1.2336
Buy Stop
Below 1.2267
Stop Loss

Indicator | Signal |
RSI | Neutral |
MACD | Neutral |
Donchian Channel | Buy |
MA(200) | Sell |
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 rising to test the 200-period moving average MA(200) which is leveling off. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.2336. 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 1.2267. 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
Number of real estate surveyors that reported price decreases in UK in their areas continued to rise in September. Will the GBPUSD price rebound reverse?
More real estate surveyors than forecast reported price decreases in UK in their areas: 69 per cent of respondents reported a decrease in UK house prices in September after 68% reported decreases in August according to RICS House Price Balance survey, when a 60% of respondents were expected to report declines. This is bearish for GBPUSD. However the current setup is bullish for the currency pair. At the same time UK gross domestic product (GDP) resumed growing in August: the Office for National Statistics reported UK GDP grew 0.2% over month after 0.6% contraction in July when an 0.2% increase was forecast. This is bullish for GBPUSD.
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