4-hour timeframe
Technical details:The senior linear regression channel: direction - sideways.The younger linear regression channel: direction - up.Moving average (20; smoothed) - down.CCI: -51.5693The currency pair GBP / USD on Monday, November 19, corrected to the level of 1.2878 and can resume the downward trend. Positive news from the British Parliament did not receive any. Theresa May's speech in which she stated that there was no alternative to her proposed Brexit plan is hardly a positive event. Rather, even negative, since there are so many opponents not only of the UK's exit from the jurisdiction of Brussels but also of the conditions that May offers. Also, Labor Party Leader Jeremy Corbyn said that a second referendum could be held in the future. He believes that right now, it is impossible, but in the future. Thus, the second referendum was already started in parliament, and smoke, as we know, does not happen without fire. Therefore, despite all the endings of Theresa May about reaching an agreement with the EU by 95%, we believe that this whole story can get an unexpected outcome. For sterling, the more uncertainty, the worse. Traders see no reason to buy a pound until the Brexit procedure is completed. It is not yet clear whether Theresa May will remain at the helm. It is not yet clear whether there will be another referendum. It is not yet clear under what conditions the Kingdom will leave the EU and whether it will leave? From a technical point of view, the downward trend in the instrument is maintained.Nearest support levels:S1 - 1,2817S2 - 1.2756S3 - 1.2695Nearest resistance levels:R1 - 1.2878R2 - 1.2939R3 - 1.3000Trading recommendations:The currency pair GBP / USD continues the upward correction. If the pair rebounds from the MA or overcomes the level of 1.2817, this will serve as a signal to open new sell orders with a target of 1.2756.The long positions are currently not relevant, they can be considered if the bulls have enough strength to overcome the moving average line. In this case, the first target for the upward movement will be 1.2939.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 the 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.
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