4-hour timeframe
Technical details:
The upper linear regression channel: direction - up.
The lower linear regression channel: direction - sideways.
Moving average (20; smoothed) - sideways.
CCI: -20.9130
The GBP / USD currency pair continues to trade along the moving average line. Meanwhile, the British parliament realized that Theresa May could not offer anything new except for her Brexit plan, and her only strategy was to threaten the government with a "tough" version of Brexit and took control of the situation. A member of the Conservative Party, Oliver Letwin, put to the vote an amendment that allows the parliament on March 27 to vote for absolutely any Brexit options, and this amendment was adopted by a majority of parliamentarians. Thus, on March 27, bypassing Theresa May, the parliament will vote for all sorts of scenarios of leaving the EU, including a repeated referendum and a refusal to leave the European Union. It is difficult to say whether this is good news, but it is definitely a shift from the "dead" place where the country was led by the prime minister. Thus, tomorrow during the day we will be able to find out what the British Parliament wants, which rejected the options of "tough" Brexit and Brexit according to the "Checkers" plan. Theresa May's reaction to this event has not yet happened, but for some reason, it seems that her political career will result in the failure to accept the Brexit agreement and the subsequent resignation by agreement. Tomorrow's trading can be distinguished by high volatility and tool jerks from side to side.
Nearest support levels:
S1 - 1.3184
S2 - 1.3123
S3 - 1.3062
Nearest resistance levels:
R1 - 1.3245
R2 - 1.3306
R3 - 1.3367
Trading recommendations:
The pair GBP / USD continues the upward correction. In the coming days, the pair may again "storm", so with the opening of any position, it is recommended to be careful. News from the UK can have a strong impact on the currency pair.
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