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GBP USD Technical Analysis - GBP USD Trading: 2024-05-21
GBP/USD Technical Analysis Summary
Above 1.2723
Buy Stop
Below 1.2661
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Buy |
| MA(200) | Buy |
| Fractals | Buy |
| 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 has retraced up after hitting two-month low under the 200-period moving average MA(200) two weeks ago. We believe the bullish momentum will persist after the price breaches above the upper bound of the Donchian channel at 1.2723. 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 1.2661. After placing the order, the stop loss is to be moved to the next fractal low, following Parabolic indicator 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
UK home prices rose again in May. Will the GBPUSD price rebounding continue?
UK home sellers increased their asking prices for houses a fifth month in a row: Rightmove House Price Index (HPI) indicated the average price of a property put up for sale rose 0.8%, or £2,807, to £375,131 in May after 1.1% increase in April. Gains were recorded across all UK regions including London. The number of sales being agreed during the first four months of the year is 17% higher than last year. Rising UK houses prices is bullish for the Pound and GBPUSD pair.
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