Recommendation for GBP/USD: Sell
Sell Stop: Below 1.3858
Stop Loss: Above 1.3945
Parabolic SAR: Sell
Donchian Channel: Sell
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.
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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This overview has an informative character and is not financial advice or a recommendation. IFCMarkets. Corp. under any circumstances is not liable for any action taken by someone else after reading this article.