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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: 12.2899
Despite the fact that the key issue for the GBP / USD currency pair remains the issue with the withdrawal of the UK from the EU, or rather negotiations on this process, the pound sterling continues to grow slightly, and today, all the attention of traders will be riveted to the results of the Fed meeting. With a high degree of probability, the Fed will tighten monetary policy, but traders are ready for this development. Greater importance will have a press conference by Jerome Powell, during which he again can touch upon the topic of the trade war with China. Given the fact that in recent weeks, traders are very reluctant to invest in the US currency, today, even if the rate of strengthening the currency, the US may not be. In addition, German Chancellor Angela Merkel delivered a statement on Brexit. In her opinion, London has not yet clarified what kind of relations, trade and economic, it wants from the EU after Brexit. Merkel believes that the economy needs clarity. There are about 8 weeks of negotiations, for which the parties need to come to a consensus, Merkel says. Thus, both sides of the process believe that they are not hampered by the talks, however, by and large, it does not matter. The main thing is that negotiations are not progressing, and the pound sterling can resume the decline at any moment. Now, from such a scenario, only the general unwillingness of the market to buy dollars save it.
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 currency pair GBP / USD was fixed back above the removals, but above the level of Murray "8/8" could not leave. Until the evening, announcement of the results of the Fed meeting, thus, the long lines with the target of 1.3245 are relevant, and the turn of Heikin Ashi, on the contrary, will indicate the turn of the descending correction.
Sell-positions are recommended to open when the pair is fixed below the moving average line. In this case, the target for the downward movement will be the level of 1.3062. A sharp reversal of the pair could happen tonight on the publication of the outcome of the Fed meeting.
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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