4-hour timeframe
Technical details:
The upper linear regression channel: direction - up.
The lower linear regression channel: direction - down.
Moving average (20; smoothed) - sideways.
CCI: -25.2460
The GBP/USD currency pair again changed the direction of movement and fixed below the moving average line. In recent days, trading on this pair is more like a "swing". There is no trend as such. Traders clearly do not know how to respond to the Brexit shift for six months. Recall that at the end of 2018 and early 2019, everyone thought that Brexit was at the finish line. However, the reality was different. Now Britain, led by Theresa May, is likely to face new negotiations with the European Union, as the parliament flatly refused to approve the version of the "deal" that reached in negotiations with EU leaders Theresa May. Or, Theresa May will have to find new ways to help negotiate with the majority of parliamentarians. The "deal" in the form of "Parliament approves the agreement, and Theresa May resigns" also did not suit the parliament. A few months ago, it was difficult to imagine what scenario would lead Britain to leave the EU. Now it is difficult to imagine what the whole procedure will end. It is possible that the country will remain in the EU. There are no important macroeconomic publications planned for the UK today. Thus, there will be no special influence of the foundation on the movement of the currency pair. The technical picture shows a flat or at least no trend.
Nearest support levels:
S1 - 1.3062
S2 - 1.3031
S3 - 1.3000
Nearest resistance levels:
R1 - 1.3092
R2 - 1.3123
R3 - 1.3153
Trading recommendations:
The pair GBP/USD has fixed back below the moving, however, the market is now completely calm. Thus, short positions are relevant with targets at 1.3031 and 1.3000, but it is recommended to trade these targets extremely carefully.
Buy positions can be considered after fixing the pair above the moving average line with targets at 1.3123 and 1.3153 and also very carefully and accurately.
In addition to the technical picture should also take into account the fundamental data and the time of their release.
Explanations for illustrations:
The upper linear regression channel is the blue lines of the unidirectional movement.
The lower 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.
Heiken Ashi is an indicator that colors bars in blue or purple.
The material has been provided by InstaForex Company - www.instaforex.com