24.06.201908:49 Forex Analysis & Reviews: Overview of GBP/USD on June 24. The forecast for the

4-hour timeframe

Technical data:

The upper linear regression channel: direction – down.

The lower linear regression channel: direction – sideways.

The moving average (20; smoothed) – up.

CCI: 107.6514

The British pound shows a much more modest growth than the euro. At the moment, the pound/dollar pair has approached an important resistance level of 1.2756, which has already been worked out 2 times earlier. Thus, today or tomorrow, the further fate of the pound sterling will be decided in the near future. There will be no important macroeconomic publications today, so traders will be deprived of fundamental support for their trading strategies. But yesterday, the head of the European Council Donald Tusk finally gave a comment on the election statements and promises of candidates for the post of Prime Minister of Great Britain. Tusk said that there will be no revision of the "May Agreement". He also noted that the European Union is always open to negotiations on future relations between London and Brussels, but "the Brexit agreement is not subject to revision." Thus, Boris Johnson received a heavy blow. It was Johnson who diligently hinted at new negotiations with the European Union, as "a new chapter – a new policy – a new agreement." But the EU stands firm in its position. And now, Johnson will have to go to an open conflict with the EU, including blackmail about non-payment of 50 billion euros for the exit, or leave the EU on "hard" conditions. Both options for the British currency are "dangerous".

Nearest support levels:

S1 – 1.2695

S2 – 1.2634

S3 – 1.2573

Nearest resistance levels:

R1 – 1.2756

R2 – 1.2817

Trading recommendations:

The GBP/USD pair continues not a too strong upward movement but may begin to adjust. We recommend extremely cautious purchases of the pound sterling, which should be closed when the Heiken Ashi indicator turns down, with targets at 1.2756 and 1.2817.

Selling the pair pound/dollar will be possible no earlier than the reverse consolidation under the MA with the objectives of 1.2573 and 1.2512. In this case, it is possible to resume the downward trend.

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

Explanation of illustrations:

The upper linear regression channel – the blue line of the unidirectional movement.

The upper linear regression channel – the purple line of the unidirectional movement.

CCI – 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.