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GBP/USD Technical Analysis - GBP/USD Trading: 2024-02-06
GBP/USD Technical Analysis Summary
Above 1.2555
Buy Stop
Below 1.2525
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Neutral |
| 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 rebounding toward the 200-period moving average MA(200) after hitting 6-week low yesterday. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.2555. A level above this can be used as an entry point for placing a pending order to buy. The stop loss can be placed above 1.2525. 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 service activity continued expanding in January. Will the GBPUSD price rebounding persist?
UK service activity continued expanding in January: SP Global UK Services Purchasing Managers’ Index was revised upward to 54.3 for January, up from a flash estimate of 53.8 and above the December reading of 52.7. Readings above 50.0 indicate industry expansion, below indicate contraction. Higher output was supported by a sustained rise in new orders. And strong wage pressures that continued to push up operating expenses were partly offset by lower fuel costs and raw material prices. Expanding UK service activity is bullish for British Pound and hence the GBPUSD pair.
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