GBPUSD bias bullish on rising UK manufacturing activity
Technical Analysis Summary GBP/USD: Buy
| Indicator | VALUE | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Buy | |
| MA(200) | Sell | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Chart 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) which is leveling off. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.2476. 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 1.2434. 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.
Fundamentale Analyse -
UK manufacturing activity resumed growing in February. Will the GBPUSD price rebounding persist?
UK manufacturing activity resumed growing in February: the Office for National Statistics reported UK Manufacturing Production rose 1.2% in February after 0.2% decline in January when 0.1% growth was forecast. Production rose in three of the four production sectors, with the largest contribution from "manufacturing" -1.2%. Increases were partially offset by a fall in "mining and quarrying" - 0.8%. Rising manufacturing activity is bullish for GBPUSD.