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GBP / USD. November 26th. The trading system. "Regression Channels". December 25, the date of the vote in the British Parliament

4-hour timeframe

X5q7aYMKNxj9wzqagIhoFRAFRPXk76bTQIBZ-SXC

Technical details:

The senior linear regression channel: direction - down.

The younger linear regression channel: direction - down.

Moving average (20; smoothed) - down.

CCI: -10.6618

The currency pair GBP / USD on Monday, November 26, was not able to overcome the Murray level of "3/8" and resumed the downward movement. As we expected, even though the EU leaders approved the agreement with the UK over the weekend, traders are tired of buying a pound on rumors. The British currency is now likely to receive tangible support if the British parliament approves Theresa May's Brexit proposal and, thus, the whole epopee ends. Up to this point, the British pound may not fall, but it is also unlikely to grow. On Monday, scheduled to speak of Mark Carney, Chairman of the Bank of England, in which he can again comment on the situation on Brexit. Potentially, this performance may cause a reaction in the foreign exchange market. Also, Theresa May reported that the vote on Brexit in the British Parliament will take place on December 25, that is, in a month. This means that the pound sterling will be under pressure at least until this date. From a technical point of view, all indicators turned down, so the trend in the instrument can be traced very clearly. If the pound does not receive fundamental support this week, then by Friday, the pair may drop to 1.2700.

Nearest support levels:

S1 - 1.2756

S2 - 1.2695

S3 - 1.2634

Nearest resistance levels:

R1 - 1.2817

R2 - 1.2878

R3 - 1.2939

Trading recommendations:

The currency pair GBP / USD has fixed below the moving average line, therefore, at the moment, short positions with the target of 1.2756 have become relevant again. A color of 1-2 bars in purple will indicate a turn of corrective movement and will serve as a signal to manually reduce the short positions.

Orders for the purchase can be considered no earlier than fixing the price above the moving average, which again will mean a change of trend to ascending. This is possible, but, based on current conditions, there is no high potential for pound growth.

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 unidirectional movement.

The junior linear channel is the purple lines of 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