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GBP / USD. November 21. The trading system. "Regression Channels". Brexit deal success now depends on UK Parliament

4-hour timeframe

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Technical details:The senior linear regression channel: direction - down.The younger linear regression channel: direction - up.Moving average (20; smoothed) - down.CCI: -23.8138The currency pair GBP / USD on Wednesday, November 21, resumed the downward movement, having failed to overcome the Murray level of "3/8" and work out a moving average line. From a fundamental point of view, everything remains the same for the pound sterling, since no positive news on the Brexit topic over the past 24 hours has been made available to traders. At yesterday's speech, Bank of England CEO Mark Carney supported Theresa May's Brexit plan. However, by and large, this does not make any difference, since the May plan should support parliament. With this, there can be big problems. A meeting between Jean-Claude Juncker and Theresa May will be held today to discuss the final touches of the agreement. However, this event may not have any impact on the pair, since it all depends on the British parliament. In general, we state the fact that there is progress in negotiations and promotion of the whole Brexit procedure, but if the parliament refuses to accept Theresa May's proposal, the whole procedure will be considered failed, and Britain will have an untidy exit from the European Union, which does not promise anything good for it. It is from this point of view that we believe that the parliament will nevertheless pass the bill on Brexit since the two evils are usually chosen the lesser.Nearest support levels:S1 - 1,2756S2 - 1.2695S3 - 1.2634Nearest resistance levels:R1 - 1.2817R2 - 1.2878R3 - 1.2939Trading recommendations:The currency pair GBP / USD resumed its downward movement, as indicated by the Heikin Ashi indicator. Thus, short positions with targets of 1.2756 and 1.2695 are now relevant. Heikin Ashi's upward reversal will point to a new round of upward correction.Purchase orders can be considered in case the pair overcomes the MA. In this case, an uptrend may begin to form, but for this, the pound will need fundamental grounds.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