22.02.201912:09 Forex Analysis & Reviews: GBP / USD trading system of "Regression Channels" on February 22. Conservatives want to oppose Theresa May

4 hour timeframe

Technical details:

Older linear regression channel: direction - up.

Younger linear regression channel: direction - down.

Moving average (20; smoothed) - up.

CCI: 47.5003

The GBP / USD currency pair continues to trade between levels 1.3031 and 1.3092 on Friday, February 22. There are no important macroeconomic reports to date that have been scheduled either in the UK or in the USA. In the meantime, it received information once again that London and Brussels almost agreed on all points of the Brexit agreement, including on the backstop. To judge how this information is true, it is very difficult. We recommend waiting for official confirmations. If this is true then the British Parliament is obliged to accept the agreement with Brexit, since now the wishes of politicians should have been taken into account. If the vote is rescheduled or the parliament blocks this deal, then it is possible to understand the fact that parties still failed to reach an agreement or these agreements are not much different from the previous ones, which the parliament refused to accept. Interesting information was also received from the parliament itself. About 100 conservatives are going to oppose the Theresa May government in order to force her to postpone the Brexit date in order to avoid an unorganized "divorce". But rather, such an action will be carried out with the aim of not allowing Theresa May to blackmail the parliament on a "deal" that can go as close as possible to March 29. Moreover, it puts the parliament before a tough choice of either Theresa May's option or the absence of any deals.

Nearest support levels:

S1 - 1.3031

S2 - 1.3000

S3 - 1.2970

Nearest resistance levels:

R1 - 1.3062

R2 - 1.3092

R3 - 1.3123

Trading recommendations:

The GBP / USD pair has launched a new round of downward correction. Thus, it is now recommended to wait for the completion of this correction if it does not grow into a downward movement and open new longs with a target of 1.3092.

Short trades will again become relevant after the price fixes back below the moving average line. In this case, the target levels will be 1.2909 and 1.2878.

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 a 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.

Heiken Ashi is an indicator that colors bars in blue or purple.