May 8, 2020
By IFCMarkets
Better than forecast UK consumer sentiment bullish for GBPUSD
UK consumer confidence improved marginally: GfK’s report said the Consumer Confidence index ticked up to -33 after remaining steady at -34 for April, when a reading of -37 was expected. Readings above 0 indicate optimism, below indicate pessimism. This is bullish for GBPUSD. However, the technical setup is bearish for GBPUSD.
| Indicator | VALUE | Signal |
|---|---|---|
| RSI | Neutral | |
| MACD | Sell | |
| Donchian Channel | Neutral | |
| MA(200) | Sell | |
| Fractals | Neutral | |
| Parabolic SAR | Sell |
Summary of technical analysis
| Order | Sell |
| Buy stop | Below 1.2356 |
| Stop loss | Above 1.2404 |
Market Analysis provided by IFCMarkets
