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GBP USD Technical Analysis - GBP USD Trading: 2024-09-11
GBP/USD Technical Analysis Summary
Above 1.31102
Buy Stop
Below 1.30485
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Buy |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Neutral |
| Parabolic SAR | Buy |
GBP/USD Chart Analysis
GBP/USD Technical Analysis
The GBPUSD technical analysis of the price chart on 4-hour timeframe shows GBPUSD,H4 is retracing up above the 200-period moving average MA(200) after hitting three-week low yesterday. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.31102. 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 1.30485. 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 Forex - GBP/USD
The number of people claiming unemployment related benefits in UK increased less than expected in August. Will the GBPUSD price rebounding persist?
The number of people claiming unemployment related benefits in UK rose less than expected in August: the UK Office for National Statistics reported the claimant count - number of people claiming unemployment related benefits during the previous month, rose by 23.7 thousand in August after 102.3 thousand increase in previous month, when an increase of 95.5 thousand was forecast. However the change in Average Earnings Index ( the 3-month moving average compared to the same period a year earlier) representing the change in the price businesses and the government pay for labor, including bonuses – rose at 4.0% pace when a higher growth at 4.1% was expected. Slower rise in the number of unemployed UK people is bullish for GBPUSD.
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