UK economy contraction bearish for GBP/USD

Dmitry Lukashov IFC Markets

UK economy unexpectedly contracted in November. Will the GBPUSD continue declining?

On 1-hour timeframe GBPUSD: H1 is in downtrend, falling below the 200-period moving average MA(200) which is falling itself. The RSI indicator is below 50 but has not reached the oversold zone.

Technical Analysis Summary

Order	Sell
Sell stop	Below 1.2953
Stop loss	Above 1.2973

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Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

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