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.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Buy | |
| MACD | Sell | |
| Donchian Channel | Sell | |
| MA(200) | Sell | |
| Fractals | Sell | |
| Parabolic SAR | Sell |
Summary of technical analysis
| Order | Sell |
| Buy stop | Below 4832.87 |
| Stop loss | Above 5844.09 |
Market Analysis provided by IFCMarkets
