29.10.201811:07 Forex Analysis & Reviews: GBP / USD. 29th of October. The trading system. "Regression Channels". The British are signing a petition on the repeated referendum.

4-hour timeframe

Technical details:

The senior linear regression channel: direction - up.

The younger linear regression channel: direction - down.

Moving average (20; smoothed) - down.

CCI: -74.9031

The currency pair GBP / USD has started a new trading week with a minimal correction. The five purple-colored bars of the Heikin Ashi indicator are quite small in overall size. Thus, at the moment, it can be concluded that the pair remains in a downtrend with minimal corrections. Today, important macroeconomic reports from the UK are not expected. However, this does not mean that the pound again does not fall under sales. Of course, to determine the completion of the correction, it is recommended to wait until the correction is completed and Heikin Ashi is turned down. Meanwhile, more than a million people have signed a petition to hold a new referendum on secession from the EU. Last weekend, there was a rally against the exit from the EU on the terms of Theresa May. Thus, the situation with Brexit continues to heat up, and Britain, in addition to the political crisis, may be overwhelmed by a wave of social crisis. Now, we are waiting for the new comments from Theresa May, although she had previously stated that there would be no new referendum. We state the fact that with each passing day, there are more and more uncertainties on this topic, and in such conditions, it will be very difficult for a pound to show more or less strong growth.

Nearest support levels:

S1 - 1,2817

S2 - 1.2756

S3 - 1.2695

Nearest resistance levels:

R1 - 1.2878

R2 - 1.2939

R3 - 1.3000

Trading recommendations:

The currency pair GBP / USD has completed the level of 1.2817 and has begun to be adjusted. Thus, it is not recommended to open new sell-positions until the completion of the correction. Turning the Heikin Ashi indicator down will signal the opening of short positions with a target of 1.2756.

Long positions can be considered after fixing the pair above the moving average line with the first target of 1.3000. However, as before, this will most likely require fundamental reasons, which are not currently available.

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 unidirectional movement.

The junior linear channel is the purple lines of 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.