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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: 57.8914
The currency pair GBP / USD on Thursday, September 20, fulfilled the level of Murray "8/8" - 1.3184 on the news about inflation in the UK, after which it began to be corrected. At the moment, the downward correction is completed, and the indicator of Heikin Ashi is gradually turning upward. Thus, the pair today can resume the upward movement and once again work out the level of 1.3184. Unlike the pair EUR / USD, which went into outset, GBP / USD has a good chance of continued growth. Today in the UK, report on retail sales for August will be published. Forecasts are very weak, a decline in the growth rate to 2.3% from 3.5%. If they come true or the real value of the indicator will be even lower than the forecast, the pound sterling may experience pressure today, which could trigger the price fixation below the moving average line. The value above the forecast may, on the contrary, provoke the resumption of the uptrend. In America today, no important publications are planned. There are no Brexit news. Thus, today we are looking at the technical factors and the only report of the day.
Nearest support levels:
S1 = 1.3123
S2 - 1.3062
S3 - 1,3000
Nearest resistance levels:
R1 = 1.3184
R2 = 1.3245
R3 = 1.3306
Trading recommendations:
The GBP / USD currency pair has corrected to the moving-out and can resume the movement upwards, if the indicator of Heikin Ashi will color the second bar in purple color. In this case, the target for longs will be the level of 1.3184, which was already worked out yesterday.
Sell-positions will become relevant only after fixing the price below the moving average line. In this case, the first target for the downward movement will be the Murray level "6/8" - 1.3062.
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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