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Trading recommendations for the GBPUSD currency pair - placement of trading orders (February 19)

Over the past trading day, the currency pair Pound / Dollar showed a tap of low volatility of 49 points. As a result, it hanged within the periodic level. From the point of view of technical analysis, we have an intensive upward trend from the level of 1.2770, where the quotation reached a periodic level of 1.2920, after which the quotation passed into the stagnant-rollback stage. On the other hand, the news and news background did not have any statistics in itself. And as he wrote in the previous review, there was a day off in the United States, which led to a decrease in trading volumes. From the information flow, I can only single out the verbal threat to the members of the British Cabinet in the direction of Prime Minister Theresa May. The essence of the threat lies in the fact that the cabinet ministers threatened the head of government with a succession of resignations if she did not rule out the possibility of Brexit without a deal.

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Today, in terms of the economic calendar, traders are waiting for the data on the UK labor market, where unemployment is forecast to remain at the same level of 4.0%, while the average wage, excluding bonuses, is rising from 3.3% to 3.4%. Due to the absence of any more news in the stream, these statistics, which is not bad, can play into the hands of the English currency, and thus, growth can continue.

Further development

Analyzing the current trading chart, we see a distinct stagnation with a pullback, where the quote is trying to form a cluster within the periodic level of 1.2920. It is likely to assume that an indefinite bump within the level will persist, where traders will stretch from pending orders for breakdown and rebound from the level.

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Based on the available data, it is possible to break down a number of variations. Let us consider them:

- We consider buying positions, in case of a clear price fixing higher than 1.2920, with a further prospect to 1.2960-1.2980.

- We consider selling positions, in the case of mining level 1.2920, lower than 1.2890 with a further perspective to 1.2850--1.2800 --- 1.2770.

Indicator Analysis

Analyzing a different sector of time frames (TF ), we see that there is a variable upward interest against the background of primary mining and stagnation from the level of 1.2920 in the short term. Meanwhile, intraday perspective focuses on recent heavy traffic while medium term retains a downward interest on the general background of the market.

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Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation, with the calculation for the Month / Quarter / Year.

(February 19 was based on the time of publication of the article)

The current time volatility is 30 points. If the news background supports the pound and the level of 1.2920 falls, then the volatility of the day may rush to the upper limit of the daily average. Otherwise, the stagnation may be delayed, and the volatility will remain low.

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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

The material has been provided by InstaForex Company - www.instaforex.com