GBPUSD forecast bullish after hotter UK inflation report
Technical Analysis Summary GBP/USD: Buy
| Indicator | Value | Signal |
| RSI | Sell | |
| MACD | Buy | |
| Donchian Channel | Neutral | |
| MA(200) | Buy | |
| Fractals | Buy | |
| Parabolic SAR | Buy |
Chart Analysis
The technical analysis of the GBPUSD price chart on 1-hour timeframe shows GBPUSD: H1 is rising above the 200-period moving average MA(200) which is rising itself. RSI is in overbought zone. We believe the bullish movement will continue after the price breaches above the upper bound of the Donchian channel at 1.2296. 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 1.2222. After placing the order, the stop loss is to be moved to the next fractal low 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 -
UK’s inflation was higher than expected in February. Will the GBPUSD price rebound persist?
UK’s inflation was higher than expected in February: the Office for National Statistics reported UK inflation accelerated to 10.4% over year in February from 10.1% in January, when a decline to 9.9% was forecast. This is bullish for GBPUSD.