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GBP/USD. 27th of December. Results of the day. The pound trades absolutely logical during the holidays

4-hour timeframe

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The amplitude of the last 5 days (high-low): 72p - 99p - 80p - 110p - 89p.

Average amplitude for the last 5 days: 90p (91p).

The British pound sterling on Thursday, December 27, traded in different directions and failed to overcome the Ichimoku cloud, but a new "dead cross"was formed. For the pound sterling, we can say with even greater confidence that the pair is in a flat. If in the case of the European currency the flat is wide enough, then the pound is narrow. Bollinger Bands eloquently signal exactly that. There is still nothing special to take note of from the news. No new posts on Brexit or news from Theresa May. Thus, traders have nothing to react to, and in the case of the British currency, market participants do not want to risk much until the day when the UK Parliament will vote and it will finally become clear what awaits the country in the coming months and years. We can say that in recent weeks, the pound sterling has adjusted against the dollar, but, as we see, traders did not have enough desire for more.

Trading recommendations:

The GBP/USD currency pair started a weak downward movement, but could not consolidate below the Ichimoku cloud. If the bears overcome the cloud, the shorts will become actual small lots with the goal of the support level of 1.2559.

Buy-positions are recommended to be considered not earlier than the reverse consolidation of the price above the critical line. In this case, the pair will be able to grow to the resistance level of 1.2732, which is based on the average volatility of the instrument.

In addition to the technical picture, fundamental data and the timing of their release should also be taken into account.

Explanation of illustration:

Ichimoku Indicator:

Tenkan-sen-red line.

Kijun-sen – blue line.

Senkou span a – light brown dotted line.

Senkou span B – light purple dotted line.

Chikou span – green line.

Bollinger Bands Indicator:

3 yellow lines.

MACD:

Red line and histogram with white bars in the indicator window.

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