GB100 Analysis: Weak UK data bearish for GB100

March 20, 2020

By IFCMarkets

Weak UK data bearish for GB100

British economic data didn’t improve following Bank of England decision to cut rates half a percentage points to 0.25% at its March 11 meeting. Manufacturing production decline deepened to 3.6% over year in January from 2.5% in the previous month. Balance of trade surplus declined to 4.2 billion Pounds from 6.3 billion. And labor market report showed unemployment ticked up in January to 3.9% from 3.8%. To combat coronavirus impact on economy UK government announced £330 billion financial aid program ($398 billion) of government-backed loans and guarantees. Deteriorating economic data are bearish for GB100.

IndicatorVALUESignal
RSIBuy
MACDSell
Donchian ChannelSell
MA(200)Sell
FractalsSell
Parabolic SARSell

 

Summary of technical analysis

OrderSell
Buy stopBelow 4832.87
Stop lossAbove 5844.09

Market Analysis provided by IFCMarkets