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15.03.2019 02:01 PM
GBP / USD. March 15. The trading system. "Regression Channels". Pound does not know how to respond to events in the UK

4-hour timeframe

This image is no longer relevant

Technical details:

The senior linear regression channel: direction - up.

The younger linear regression channel: direction - up.

Moving average (20; smoothed) - up.

CCI: 65.7826

The currency pair GBP / USD, after testing Murray's level of "7/8" - 1.3367 and conducting the last parliamentary vote, is in a stage that you would not call anything other than "meditations". Yesterday, the British Parliament expectedly accepted Theresa May's proposal to postpone Brexit from March 29 to June 30. Now, Theresa May should request a transfer to the European Union, and all 27 EU leaders will have to approve this request. In this case, the official Brexit date will be rescheduled. Parliament also rejected the proposal to the second referendum, thus rejecting all the assumptions that Britain could still remain in the EU. So what do we have in the bottom line? Most likely, London will receive additional months, but for what? There will be no second referendum, the Theresa May plan is rejected, the "hard" version of Brexit is rejected. Only one way out - new negotiations with Brussels. But what does London expect if Juncker and the company have repeatedly stated that there will be no new concessions to Britain, as well as new negotiations? There is nothing else to count on London, there are simply no other options. Thus, in the coming months, we can witness new negotiations with the EU and regular rumors that "the parties have almost reached an agreement".

Nearest support levels:

S1 - 1.3245

S2 - 1.3184

S3 - 1.3123

Nearest resistance levels:

R1 - 1.3306

R2 - 1.3367

R3 - 1.3428

Trading recommendations:

The pair GBP / USD has started a new round of correction. Thus, it is now recommended to consider buy orders with targets at 1.3306 and 1.3367, but after the color of 1-2 bars in purple color.

It is recommended to open a sell position if the bears re-consolidate the pair below the moving average. In this case, the trend in the instrument will change again to downward and short positions with targets at 1.3123 and 1.3062 will become relevant.

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.

Paolo Greco,
Analytical expert of InstaForex
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