fbGBPUSD Forecast | GBPUSD forecast bearish after CBI expectations miss | IFCM

Technical Analysis GBPUSD : 2021-04-22

Recommendation for GBP/USD:

Sell
Strong SellSellNeutralBuyStrong Buy

Below 1.3858

Sell Stop

Above 1.3945

Stop Loss

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Senior Analytical Expert
Articles 1748
IndicatorValueSignal
RSI Neutral
MACD Sell
MA(200) Buy
Fractals Neutral
Parabolic SAR Sell
Donchian Channel Sell

Chart Analysis

IFC Markets Tech Analysis

The GBPUSD technical analysis of the price chart on 1-hour timeframe shows GBPUSD: H1 is falling toward the 200-period moving average MA(200) which is rising still. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.3858. 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 1.3945. After placing the order, the stop loss is to be moved to the next fractal high 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.

Fundamental Analysis

UK’s Confederation of British Industry survey results were worse than expected for April. Will the GBPUSD retreat persist?

UK’s Confederation of British Industry survey results were worse than expected for April: the CBI Industrial Trends Survey showed UK Industrial Order Expectations index fell to -8 for April from -5 in March, when an increase to 2 was forecast. This is bearish for GBPUSD.

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