Smaller than forecast UK GDP fall bullish for GBPUSD
Technical Analysis Summary GBP/USD: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Neutral | |
| MA(200) | Sell | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Chart Analysis
On 1-hour timeframe GBPUSD: H1 is rebounding toward the 200-period moving average MA(200) which is falling. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.2313. 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 1.2257. After placing the order, the stop loss is to be moved to the next fractal low, 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 -
UK gross domestic product’s drop was smaller than forecast. Will the GBPUSD continue rising?
UK gross domestic product’s fall was smaller than forecast: UK GDP fell 2% over quarter in Q1 after no change in last three months of 2019, when a 2.6% drop was expected. This is bullish for GBPUSD.