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12.04.201912:52 Forex Analysis & Reviews: GBP/USD. 12th of April. The trading system "Regression Channels". Pound sterling in complete confusion

Long-term review
This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

4-hour timeframe

Exchange Rates 12.04.2019 analysis

Technical details:

The upper linear regression channel: direction - up.

The lower linear regression channel: direction - down.

Moving average (20; smoothed) - sideways.

CCI: -25.2460

The GBP/USD currency pair again changed the direction of movement and fixed below the moving average line. In recent days, trading on this pair is more like a "swing". There is no trend as such. Traders clearly do not know how to respond to the Brexit shift for six months. Recall that at the end of 2018 and early 2019, everyone thought that Brexit was at the finish line. However, the reality was different. Now Britain, led by Theresa May, is likely to face new negotiations with the European Union, as the parliament flatly refused to approve the version of the "deal" that reached in negotiations with EU leaders Theresa May. Or, Theresa May will have to find new ways to help negotiate with the majority of parliamentarians. The "deal" in the form of "Parliament approves the agreement, and Theresa May resigns" also did not suit the parliament. A few months ago, it was difficult to imagine what scenario would lead Britain to leave the EU. Now it is difficult to imagine what the whole procedure will end. It is possible that the country will remain in the EU. There are no important macroeconomic publications planned for the UK today. Thus, there will be no special influence of the foundation on the movement of the currency pair. The technical picture shows a flat or at least no trend.

Nearest support levels:

S1 - 1.3062

S2 - 1.3031

S3 - 1.3000

Nearest resistance levels:

R1 - 1.3092

R2 - 1.3123

R3 - 1.3153

Trading recommendations:

The pair GBP/USD has fixed back below the moving, however, the market is now completely calm. Thus, short positions are relevant with targets at 1.3031 and 1.3000, but it is recommended to trade these targets extremely carefully.

Buy positions can be considered after fixing the pair above the moving average line with targets at 1.3123 and 1.3153 and also very carefully and accurately.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The upper linear regression channel is the blue lines of the unidirectional movement.

The lower 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.

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

Paolo Greco
Analytical expert of InstaForex
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