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GBP USD Technical Analysis - GBP USD Trading: 2024-06-20
GBP/USD Technical Analysis Summary
Below 1.2706
Sell Stop
Above 1.2730
Stop Loss
| Indicator | Signal |
| RSI | Neutral |
| MACD | Sell |
| Donchian Channel | Sell |
| MA(200) | Sell |
| Fractals | Sell |
| Parabolic SAR | Sell |
GBP/USD Chart Analysis
GBP/USD Technical Analysis
The technical analysis of the GBPUSD price chart on 1-hour timeframe shows GBPUSD, H1 is retreating after testing the 200-period moving average MA(200) which is declining still. We believe the bearish movement will continue after the price breaches below the fractal low at 1.2706. 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 1.2730. 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.
Fundamental Analysis of Forex - GBP/USD
UK’s producer price inflation accelerated in May. Will the GBPUSD price retreat continue?
UK’s producer price inflation accelerated in May: the Office for National Statistics reported UK Producer Price Index rose 1.7% over year in May after 1.1% increase in April. Of the 10 product groups for PPI Output, 6 made upward contributions to the change in the annual inflation rate in May 2024 with chemicals providing the largest - 0.35 percentage points. At the same time PPI fell 0.1% over month in May after 0.3% growth in April, when a 0.1% increase was forecast. Meanwhile Producer input prices fell by 0.1% over year in May. This indicates manufacturers pay less for goods but are able to charge higher prices for them. This is bullish for GBPUSD. However, the current setup is bearish for the pair.
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