4-hour timeframe
Technical details:
The senior linear regression channel: direction - up.
The younger linear regression channel: direction - up.
Moving average (20; smoothed) - up.
CCI: 146.7773
The currency pair GBP / USD continues to grow with pleasure on the rumors and market expectations about a possible postponement of the date of Brexit for a period of 2 months. It is not yet clear what exactly inspires optimism in market participants since the transfer of Brexit itself will hardly have a positive effect on the UK economy. However, traders apparently believe that the lack of a "tough" Brexit scenario at any time is a reason for investing in a pound. At the same time, the business located in the UK continues to be dissatisfied due to the fact that there is still no agreement with the EU, therefore, it is not clear what to expect in the future. Uncertainty does not like anyone. Some large companies have already indicated their desire to move production facilities outside the country. Needless to say that this is a serious economic loss for Albion? In the course of her yesterday's speech in parliament, Theresa May proposed to vote on March 12 to withdraw from the EU according to her plan, 13 - to exit without a "deal", and 14 - to postpone Brexit. Such a statement of the proposal suggests that the prime minister is well aware that the parliament will most likely block both the "tough" Brexit and its "divorce" plan with the EU. Therefore, most likely, Brexit will be transferred.
Nearest support levels:
S1 - 1.3184
S2 - 1.3123
S3 - 1.3062
Nearest resistance levels:
R1 - 1.3245
R2 - 1.3306
Trading recommendations:
The pair GBP / USD continues the uptrend. Now remain relevant purchase orders with a view to 1.3306. Turning the Heikin Ashi indicator down will signal a manual reduction of long positions.
Short positions are recommended to open in case the pair overcome the MA. In this case, the trend in the instrument will change to downward, and the first goal will be the level of 1.3000.
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 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.
The material has been provided by InstaForex Company - www.instaforex.com