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Technical Analysis GBPUSD : 2021-06-16

Recommendation for GBP/USD:

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Strong SellSellNeutralBuyStrong Buy

Above 1.4131

Buy Stop

Below 1.4080

Stop Loss

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Senior Analytical Expert
Articles 1812
RSI Neutral
Donchian Channel Buy
MA(200) Sell
Fractals Buy
Parabolic SAR Buy

Chart Analysis

IFC Markets Tech Analysis

The GBPUSD technical analysis of the price chart on 1-hour timeframe shows GBPUSD: H1 has risen to test the 200-period moving average MA(200) which has leveled off. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.4131. 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 1.4080. 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 consumer inflation rose more than expected in May. Will the GBPUSD resume rebounding?

UK consumer inflation rose more than expected in May. The Office for National Statistics reported UK Consumer Prices Index rose 2.1% over year after 1.5% increase in April when a 1.8% growth was expected. This is bullish for GBPUSD.

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