GBPUSD Analysis: Contracting UK economy bearish for GBPUSD

May 15, 2020

By IFCMarkets

Contracting UK economy bearish for GBPUSD

UK gross domestic product contracted by 5.7% over year in March, the sharpest decline on record, after 0.2% growth in February. This is bearish for GBPUSD.

IndicatorVALUESignal
RSINeutral
MACDSell
Donchian ChannelNeutral
MA(200)Sell
FractalsSell
Parabolic SARSell

 

Summary of technical analysis

OrderSell
Buy stopBelow 1.2150
Stop lossAbove 1.2224

Market Analysis provided by IFCMarkets