GBPUSD Forecast | UK manufacturing PMI upgrade bullish for GBPUSD | IFCM

Technical Analysis GBPUSD : 2020-06-01

Recommendation for GBP/USD:

Buy
Strong SellSellNeutralBuyStrong Buy

Above 1.2425

Buy Stop

Below 1.2373

Stop Loss

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Senior Analytical Expert
Articles 1554
IndicatorValueSignal
RSI Neutral
MACD Sell
Donchian Channel Buy
MA(200) Buy
Fractals Buy
Parabolic SAR Buy

Chart Analysis

IFC Markets Tech Analysis

On 1-hour timeframe GBPUSD: H1 is rising above the 200-period moving average MA(200) which is rising itself. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.2425. 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 1.2373. 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

UK manufacturing PMI for May was revised upward. Will the GBPUSD rebound continue?

UK manufacturing PMI for May was revised upward: manufacturing PMI for May was revised up from preliminary reading of 40.6 to 40.7. This is bullish for GBPUSD.

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