4-hour timeframe
Technical details:
The senior linear regression channel: direction - sideways.
The younger linear regression channel: direction - up.
Moving average (20; smoothed) - sideways.
CCI: 53.0811
The currency pair GBP / USD on Thursday, November 15, resumed its upward movement after a "storm" environment. During the past day, the pair was thrown from side to side, and the volatility was very high. We wrote about this version of the development of the event the day before. Now for the pound, the decisive days are coming when, in any case, there will be information from the British Parliament about the consideration of the bill of Theresa May on the conditions of Brexit, first by the Cabinet and then by the Parliament. The first news, unofficial, is that the Cabinet of Ministers tentatively adopted Theresa May's plan, but after a very long debate. The ministers accepted May's position and agreed that either the country would leave the EU on the conditions proposed by the prime minister, or there would be no "deal" at all. At the same time, it is noted that a sufficiently large number of politicians were against the conditions proposed by May. There are still rumors that Ms. May may be dismissed, for this you need the signatures of 48 members of the Conservative Party. Now, the ministers will have to decide on the final version of the document, and after that, the parliament will vote. However, this event may take place in December. In general, despite the fact that there is some progress in this matter, the whole process continues to drag on.
Nearest support levels:
S1 - 1.3000
S2 - 1.2939
S3 - 1.2878
Nearest resistance levels:
R1 - 1.3062
R2 - 1.3123
R3 - 1.3184
Trading recommendations:
The currency pair GBP / USD has fixed above the MA, thus, long positions with targets at 1.3062 and 1.3123 are now relevant. Today, it is recommended to pay attention to the publication of reports on retail sales in the UK and the States.
Sell positions can again be considered after reversing the pair below the moving average line. This is a very likely scenario, as the positions of the pound sterling remain very unstable.
In addition to the technical picture should also take into account the fundamental data and the time of their release.
Explanations for illustrations:
The senior linear regression channel is the blue lines of the unidirectional movement.
The junior linear channel is the purple lines of unidirectional movement.
CCI is the blue line in the indicator regression window.
The moving average (20; smoothed) is the blue line on the price chart.
Murray levels - multi-colored horizontal stripes.
Heikin Ashi is an indicator that colors bars in blue or purple.
The material has been provided by InstaForex Company - www.instaforex.com