GBPUSD falls as UK data is revised
Technical Analysis Summary GBP/USD: Sell
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(200) | Buy | |
| Fractals | Sell | |
| Parabolic SAR | Sell |
Chart Analysis
On 1-hour timeframe GBPUSD: H1 is declining toward the 200-period moving average MA(200) which is rising itself. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.2525. 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 1.2578. 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 -
United Kingdom’s Manufacturing PMI for April was revised lower. Will the GBPUSD continue declining?
United Kingdom’s Manufacturing PMI was revised lower in April from a preliminary estimate: Markit revised its Manufacturing PMI to 32.6 in April 2020 from a preliminary estimate of 32.9. This is bearish for GBPUSD.