GBPUSD Analysis: UK building contraction accelerating bearish for GBPUSD

October 2, 2019

By IFCMarkets

UK building contraction accelerating bearish for GBPUSD

UK building activity fell for the fourth month in a row in September. Will the GBPUSD decline?

GBPUSD falling below MA(200)

The price chart on 1-hour timeframe shows GBPUSD: H1 is in downtrend. The price is below the 200-period moving average MA(200) which is falling. And the RSI is above 50 level and hasn’t reached the overbought zone yet.

Technical Analysis Summary

OrderSell
Sell stopBelow 1.2226
Stop lossAbove 1.2249

Market Analysis provided by IFCMarkets