Technical Analysis GBPUSD : 2021-03-11

[IFC Markets]

Recommendation for GBP/USD:Buy​

Buy Stop : Above 1.3962

Stop Loss : Below 1.3924



RSI : Neutral

MACD : Buy

Donchian Channel : Buy

MA(200) : Buy

Fractals : Buy

Parabolic SAR : Buy

Chart Analysis​

The GBPUSD technical analysis of the price chart on 1-hour timeframe shows GBPUSD: H1 is rebounding above the 200-period moving average MA(200) which is declining. We believe the bullish momentum will continue after the price breaches above the upper bound of the Donchian channel at 1.3962. 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 1.3924. 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​

More real estate surveyors than forecast reported price increases in UK in their areas. Will the GBPUSD rebound continue? More real estate surveyors than forecast reported price increases in UK in their areas: 52 per cent of respondents reported an increase in UK house prices in February after 49% reported increases in January according to RICS House Price Balance survey, when a 46% of respondents were expected to report increases. This is bullish for GBPUSD.