GBP/USD Technical Analysis | GBP/USD Trading: 2020-07-24 | IFCM UAE
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GBP/USD Technical Analysis - GBP/USD Trading: 2020-07-24

GBP/USD Technical Analysis Summary

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Strong SellSellNeutralBuyStrong Buy

Below 1.2716

Sell Stop

Above 1.2761

Stop Loss

Ara Zohrabian
Senior Analytical Expert
Articles 2443
IndicatorSignal
RSI Neutral
MACD Sell
Donchian Channel Sell
MA(50) Buy
Fractals Sell
Parabolic SAR Sell

GBP/USD Chart Analysis

GBP/USD Chart Analysis

GBP/USD Technical Analysis

On 1-hour timeframe GBPUSD: H1 is testing the 50-period moving average MA(50) which is rising. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.2716. 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 1.2761. After placing the order, the stop loss is to be moved to the next fractal high, 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 manufacturing sector expansion continued in July. Will the GBPUSD continue falling?

UK’s manufacturing sector expansion accelerated in July: Markit’s manufacturing PMI rose to 53.6 from 50.1 in June. This is bullish for GBPUSD, however the technical setup is bearish.

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This overview has an informative and tutorial character and is published for free. All the data, included in the overview, are received from public sources, recognized as more or less reliable. Moreover, there is no guarantee that the indicated information is full and precise. Overviews are not updated. The whole information in each overview, including opinion, indicators, charts and anything else, is provided only for familiarization purposes and is not financial advice or а recommendation. The whole text and its any part, as well as the charts cannot be considered as an offer to make a deal with any asset. IFC Markets and its employees under any circumstances are not liable for any action taken by someone else during or after reading the overview.

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