{"id":115811,"date":"2017-11-02T07:48:18","date_gmt":"2017-11-02T11:48:18","guid":{"rendered":"http:\/\/countingpips.com\/?p=115811"},"modified":"2018-06-01T15:53:32","modified_gmt":"2018-06-01T15:53:32","slug":"gbpusd-forex-technical-analysis-positive-data-support-british-pound","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2017\/11\/gbpusd-forex-technical-analysis-positive-data-support-british-pound\/","title":{"rendered":"GBPUSD: Forex Technical Analysis &#8211; Positive data support British Pound"},"content":{"rendered":"<div id=\"inves-2456112243\" class=\"inves-below-title-posts inves-entity-placement\"><div id =\"posts_date_custom\"><div align=\"left\">November 2, 2017<\/div><hr style=\"border: none; border-bottom: 3px solid black;\">\r\n<\/div><\/div><p>By <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\" rel=\"noopener\">IFCMarkets<\/a><\/p>\n<p><strong>Positive data support British Pound<\/strong><\/p>\n<p>Manufacturing activity expanded faster than expected in October. Will the <a href=\"https:\/\/www.ifcmarkets.com\/en\/market-data\/forex-prices\/gbpusd\">GBPUSD<\/a> resume strengthening?<\/p>\n<p>UK manufacturing activity expanded in October: Markit\u2019s manufacturing purchasing managers\u2019 index rose to 56.3 in October, from an upwardly revised 56.0 in September. And Nationwide house price index annual growth edged up to a three month high in October despite diminished prospect after Brexit. Against the background of accelerating economy recent positive data raise chances the Bank of England will opt to hike rates today.<\/p>\n<p style=\"text-align: center; margin-bottom: 20px; margin-top: 20px;\"><img decoding=\"async\" style=\"float: none;\" src=\"https:\/\/www.ifcmarkets.com\/uploads\/images\/GBPUSD_02Nov2017.png\" alt=\"GBPUSD\" width=\"660px\" \/><\/p>\n<p class=\"emailSummary\">On the daily chart the <b>GBPUSD: D1<\/b> has breached above the 50-day moving average MA(50).<\/p>\n<ul class=\"emailSummary\">\n<li>The <a href=\"https:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/parabolic\">Parabolic indicator<\/a> has formed a buy signal.<\/li>\n<li>The <b>Donchian channel <\/b> is neutral, it is flat.<\/li>\n<li>The <a href=\"https:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/macd\"> MACD indicator <\/a> is below the signal line and the gap is narrowing, which is a bullish signal.<\/li>\n<li>The <a href=\"https:\/\/www.ifcmarkets.com\/en\/ntx-indicators\/stochastic\"> stochastic oscillator <\/a> has breached into the overbought zone, this is a bearish signal.<\/li>\n<\/ul>\n<p>We believe the bullish movement will continue after the price breaches above the upper Donchian boundary at 1.3320. A price above that level can be used as an entry point for a pending order to buy. The stop loss can be placed below the fractal low at 1.3069. After placing the pending order the stop loss is to be moved every day to the next fractal low, following Parabolic signals. Thus, we are changing the probable profit\/loss ratio to the breakeven point. If the price meets the stop-loss level (1.3069) without reaching the order (1.3320) we recommend cancelling the position: the market sustains internal changes which were not taken into account.<\/p><div id=\"inves-4285527421\" class=\"inves-in-content inves-entity-placement\"><hr style=\"border: 1px solid #ddd;\">\r\n<div id=\"inpost_ads_header\">\r\n<p style=\"font-size:10px; float:left; color:#666;\">Free Reports:<\/p><\/div>\r\n<div id=\"inpost_ads\"> \r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/1ApBOV\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2018\/06\/graph_techs_PD.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t     <a href=\"https:\/\/goo.gl\/1ApBOV\"><b><u>Get Our Free Metatrader 4 Indicators<\/u><\/b><\/a> - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter<\/p><br><br>\r\n<br>\r\n<br>\r\n<p style=\"font-size:15px; float:left;\"><a href=\"https:\/\/goo.gl\/f3RrHX\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/investmacro.com\/wp-content\/uploads\/2019\/01\/cot_pie_80.png\" align=\"left\" width=\"80\"  height=\"55\"\/><\/a>\r\n\t    <a href=\"https:\/\/goo.gl\/f3RrHX\"><b><u>Get our Weekly Commitment of Traders Reports<\/u><\/b><\/a> - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.<\/p><br><br>\r\n<\/div>\r\n<hr style=\"border: 1px solid #ddd;\">\r\n<br><\/div>\n<h2 class=\"emailSummary\" style=\"margin-top: 15px !important;\">Technical Analysis Summary<\/h2>\n<table style=\"border: solid 1px black;\" cellspacing=\"0\" cellpadding=\"0\" align=\"left\">\n<tbody>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Position<\/b><\/td>\n<td align=\"left\" valign=\"top\">Buy<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Buy stop<\/b><\/td>\n<td align=\"left\" valign=\"top\">Above 1.3320<\/td>\n<\/tr>\n<tr>\n<td align=\"left\" valign=\"top\"><b>Stop loss<\/b><\/td>\n<td align=\"left\" valign=\"top\">Below 1.3069<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Market Analysis provided by <a href=\"http:\/\/www.ifcmarkets.com\/\" target=\"_blank\" rel=\"noopener\">IFCMarkets<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By IFCMarkets Positive data support British Pound Manufacturing activity expanded faster than expected in October. Will the GBPUSD resume strengthening? UK manufacturing activity expanded in October: Markit\u2019s manufacturing purchasing managers\u2019 index rose to 56.3 in October, from an upwardly revised 56.0 in September. And Nationwide house price index annual growth edged up to a three [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-115811","post","type-post","status-publish","format-standard","hentry","no-post-thumbnail"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115811","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/comments?post=115811"}],"version-history":[{"count":2,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115811\/revisions"}],"predecessor-version":[{"id":115836,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/posts\/115811\/revisions\/115836"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/media?parent=115811"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/categories?post=115811"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/forex\/wp-json\/wp\/v2\/tags?post=115811"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}