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4-hour timeframe
Technical details:
The senior linear regression channel: direction - down.
The junior linear regression channel: direction - down.
Moving average (20; smoothed) - sideways.
CCI: 72.4650
The GBP / USD currency pair has been trading between the Murray levels of 7/8 and 8/8 in recent days and, by and large, has gone flat. In principle, nothing surprising for the holidays, but the EUR / USD, for example, did not go into such a frank sideways movement. However, the pound has its reasons for such a movement. There are still very few buyers of British currency, as it's not clear how the two-year epic called "Brexit" will end, the pair's sellers are also few, as there are no new reasons to put pressure on the pound now, and the latest data from the Fed is holding back traders from buying the US dollar. Thus, the key question now is: what is waiting for the British pound sterling after the New Year and after voting in the British Parliament on the Brexit bill? Up to this point, as we have said, the best development for the pound will be the absence of new falls and collapses. In the new year, the whole will depend on the final result of the whole Brexit procedure. With a favorable outcome, the pound will have a good chance of strengthening in 2019.
Nearest support levels:
S1 - 1.2634
S2 - 1.2573
S3 - 1.2512
Nearest resistance levels:
R1 - 1.2695
R2 - 1.2756
R3 - 1.2817
Trading recommendations:
The currency pair GBP / USD is now in the flat. Therefore, it is recommended to open long positions in small lots not earlier than overcoming Murray's level of "8/8" - 1.2695 with the target of 1.2756.
It is recommended to consider short positions extremely carefully and if traders overcome a moving average line with a target of 1.2573. Given the frank flat for some time, you can not open positions on this tool.
In addition to the technical picture, you should also consider the fundamental data and the time of their release.
Explanations for illustrations:
The senior linear regression channel is the blue lines of the unidirectional movement.
The junior 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.
Heikin Ashi is an indicator that colors bars in blue or purple.
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