4-hour timeframe
Technical details:
The upper linear regression channel: direction - up.
The lower linear regression channel: direction - up.
Moving average (20; smoothed) - sideways.
CCI: 25.0561
Yesterday, the currency pair GBP/USD had every chance to jerk in one of the parties. For the pound sterling, Wednesday was another day X, which, as usual, ended with decisions that did not clarify the situation too much. All variants of Brexit, and there were as many as 8, including a repeated referendum, the refusal to leave the EU, the format of "Norway +", the "hard" scenario. All this led to the fact that the Parliamentarians decided to postpone the Brexit deadlines at the legislative level. And the only and best option for Britain to leave the EU now is an agreement proposed by Theresa May and rejected by Parliament 2 times. Honestly, it is difficult to even imagine what the UK is waiting for even in the next few months. If May does not accept the "deal", the country will leave the EU on the "hard" scenario on April 12. That is, in two weeks. As the yesterday's vote showed, the unordered Brexit is not needed by Britain. The transfer of Brexit on May 23? Then parliament must approve the May agreement. In general, the voting in parliament passed once again, but there was no more clarity. The pound sterling yesterday added a bit to volatility, but it remains in one place, since there is no less uncertainty. No major macroeconomic publications are scheduled for Thursday in the UK.
Nearest support levels:
S1 - 1.3184
S2 - 1.3123
S3 - 1.3062
Nearest resistance levels:
R1 - 1.3245
R2 - 1.3306
R3 - 1.3367
Trading recommendations:
The pair GBP/USD continues to trade around the MA, in a frank flat. Thus, we recommend waiting for the completion of this flat and only after that resume trading. Unfortunately, yesterday's meeting of the British Parliament did not make the whole Brexit process even a little clearer, as were its prospects.
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.
The material has been provided by InstaForex Company - www.instaforex.com