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The pound/dollar currency pair for the previous day's trading day showed volatility equal to the average daily 111 points, resuming an ambiguous upward move. From the point of view of technical analysis, we see that the short-term pullback turned into further growth, up to the level of 1.2929, which we do not suck adequately in anticipation of a big event. Many traders believe that this fluctuation is connected with the emotional attitude and reflects a certain bay before a sharp fall, but this, as you understand, is just a hypothesis. The news background is heating up in the run-up to the UK parliament, Theresa May, in turn, randomly shouts to chants how bad things will be if they don't approve the agreement. Experts, in turn, are inclined to believe that the agreement will not be approved.
The economic calendar today has statistics from the United States, an index of retail sales, but, as I wrote earlier, the world's only news is the vote in Parliament.
Further development
Analyzing the current trading schedule, we see that the rapid growth turns into decline and it is more logical to see stagnation ahead by voting, but I already doubt that this will be so many emotions. We can say only one thing that we have been provided to the rally, if we refer to the majority opinion and do not approve the agreement, the current bay will go to a sharp decline, where the marks of 1.2770/1.2700 will fly quickly. In turn, the major players strongly recommend taking a pause in the positions, since due to the high volatility, losses in the event of emotional bumpiness can be great. If you are a speculator, it is possible to look at the values of 1.2810 when setting short positions. Long positions are considered already in fact.
Analyzing a different sector of timeframes (TF), we see that in the short term, there was a downward interest against the background of the current decline. Intraday and mid-term perspective maintains an upward mood. Indicators indicators on the eve of a vote can be arbitrarily changed.
Weekly volatility / Measurement of volatility: Month; Quarter; Year
Measurement of volatility reflects the average daily fluctuation, based on monthly / quarterly / year.
(January 15 was based on the time of publication of the article)
The current time volatility is 60 points. Now everything depends on the vote, and the volatility in any outcome will exceed the average daily value.
Key levels
Zones of resistance: 1.2920 *; 1.3000 ** (1.3000 / 1.3050); 1.3200 * 1.3300; 1.3440 **; 1.3580 *; 1.3700
Support areas: 1.2770 (1.2720 / 1.2770) **; 1.2620; 1.2500 *; 1.2350 **.
* Periodic level
** Range Level
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