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4-hour timeframe
Technical data:
The senior channel of linear regression: direction - down.
The younger channel of linear regression: the direction is up.
The moving average (20; flattened) is up.
CCI: 69.7150
The currency pair GBP / USD on Thursday, September 13, once again worked the level of Murray "6/8" and again failed to overcome it. Today in the UK, there will be quite a significant event. A meeting of the Bank of England will be held and its results will be announced. Unfortunately, no major changes are expected in the UK. With a probability of almost 100%, the size of the key rate will remain unchanged, as well as the volume of asset redemption. In the distribution of votes "for" and "against" the rate of increase is also not expected to be different from 0-9. Thus, market participants will be deprived of information that will force the pair to pass 100-150 points in one direction. However, this does not mean that there will be no strong movement. A meeting of the Bank of England could remove the barrier from traders who were clearly waiting for this event, and forced to switch to a trading strategy based on technical factors. It should be noted that an August inflation report will be published at the US trading session. Potentially, this report also has a high degree of significance. From the technical point of view, traders need to defeat the level of Murray "6/8" - 1.3062 to continue the uptrend. Thus, if the above events are in favor of the pound or not in favor of the US dollar, then this level can be passed today. Otherwise, a reduction to at least a moving, and possibly lower, and the market reaction should follow it. From the technical point of view, traders need to defeat the level of Murray "6/8" - 1.3062 to continue the uptrend. Thus, if the above events are in favor of the pound or not in favor of the US dollar, then this level can be passed today.
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 rebounded from the level of 1.3062, so correction may begin with the aim of moving the middle line. The correction is not recommended to work out, shorts will become relevant only below the removals, with the goal of 1.2939.
Buy-positions are recommended to be opened if traders overcome level 1.3062. In this case, the uptrend will continue with the target of 1.3123. During the release of this or that news of today, there is a need for increased caution, since there is a possibility of intensifying the movement.
In addition to the technical picture, one should also take into account the fundamental data and the time of their release.
Explanations for illustrations:
The upper channel of linear regression is the blue lines of unidirectional motion.
The junior channel is linear-violet lines of unidirectional motion.
CCI - the blue line in the regression window of the indicator.
Moving average (20; smoothed) - the blue line on the price chart.
Levels of Murray - multi-colored horizontal stripes.
Heikin Ashi is an indicator that color bars in blue or purple.
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