GBPUSD Analysis: UK economy contraction bearish for GBPUSD

January 14, 2020

By IFCMarkets

UK economy contraction bearish for GBPUSD

UK economy unexpectedly contracted in November. Will the GBPUSD continue declining?

GBPUSD falling below MA(200)

On 1-hour timeframe GBPUSD: H1 is in downtrend, falling below the 200-period moving average MA(200) which is falling itself. The RSI indicator is below 50 but has not reached the oversold zone.

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Technical Analysis Summary

Order Sell
Sell stop Below 1.2953
Stop loss Above 1.2973

Market Analysis provided by IFCMarkets