GBPUSD bias bullish after UK services PMI upgrade
Technical Analysis Summary GBP/USD: Buy
| Indicator | Value | Signal |
| RSI | Neutral | |
| MACD | Buy | |
| Donchian Channel | Buy | |
| MA(200) | Sell | |
| Fractals | Neutral | |
| Parabolic SAR | Buy |
Chart Analysis
The GBPUSD technical analysis of the price chart on 1-hour timeframe shows GBPUSD: H1 is retracing up toward the 200-period moving average MA(200) which is declining itself. We believe the bullish momentum will resume after the price breaches above the upper bound of Donchian channel at 1.2275. 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 1.2182. After placing the order, the stop loss is to be moved to the next fractal low 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 of -
UK services PMI final reading was upgraded for January. Will the GBPUSD price retreating reverse?
UK services PMI final reading was upgraded for January: SP Global reported UK service PMI final reading was upgraded to 48.7 for January from 48.0 flash estimate. This is bullish for GBPUSD.