Technical Analysis GBPUSD : 2020-10-08

IFC Markets

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

Buy Stop : Above 1.301
Stop Loss : Below 1.266

Parabolic SARBuy
Bollinger BandsNeutral

Chart Analysis
IFC Markets Tech Analysis

On the daily timeframe, GBPUSD: D1 tested the uptrend support line for the third time and is trying to move upwards. A number of technical analysis indicators formed signals for further growth. We do not exclude a bullish move if GBPUSD rises above the last upper fractal: 1.301. This level can be used as an entry point. We can place a stop loss below the 200-day moving average line, the Parabolic signal and the last lower fractal: 1.266. After opening a pending order, we move the stop loss to the next fractal low following the Bollinger and Parabolic signals. Thus, we change the potential profit/loss ratio in our favor. After the transaction, the most risk-averse traders can switch to the four-hour chart and set a stop loss, moving it in the direction of the bias. If the price meets the stop loss (1.266) without activating the order (1.301), it is recommended to delete the order:some internal changes in the market have not been taken into account.
Fundamental Analysis
Brexit negotiations could be extended.Will the GBPUSD quotes grow?