Technical Analysis GBPUSD : 2020-09-09

IFC Markets

Master Trader
Oct 31, 2012
London (Great Britain)
Recommendation for GBP/USD: Sell

Sell Stop : Below 1.2981
Stop Loss : Above 1.3481

Donchian ChannelSell
Parabolic SARSell

Chart Analysis
IFC Markets Tech Analysis

On the daily timeframe GBPUSD: Daily is declining toward the 200-day moving average MA(200) which is rising. We believe the bearish movement will continue after the price breaches below the lower bound of the Donchian channel at 1.2918. 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 1.3481. After placing the order, the stop loss is to be moved to the next fractal high, 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

Uncertainty over UK trade deal with the European Union weighs on Pound. Will the GBPUSD continue falling?