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4-hour timeframe

Exchange Rates 23.01.2019 analysis

The amplitude of the last 5 days (high-low): 246p - 72p - 169p - 136p - 80p.

Average amplitude for the last 5 days: 140p (147p).

The British pound sterling on the second trading day of the week, January 22, completed the correction, rebounding from the critical Kijun-sen line. Thus, despite the complete confusion with the whole Brexit procedure, the pound sterling continues to rise in price (!!!). Today or tomorrow, the pair can update the local high, which confirms the preservation of the uptrend. The growth of the British currency today was due to positive macroeconomic statistics from the UK. The unemployment rate fell in November to 4%, the average wage level including premiums rose by 3.4% with a lower forecast, and the number of applications for unemployment benefits exceeded the forecast only slightly. In general, there were grounds for increased demand for the pound. It remains only a mystery as to what keeps the pound from new falls in connection with all the events of the new year in the UK. Perhaps the "Shutdown" in the United States? But the euro currency does not rise in price with the same "Shutdown". It seems that in general, the growth of the pound is still a little groundless, but quite accurate and well predicted from a technical point of view. Thus, for this pair, until there are new important messages from the British Parliament, the technical factor is also the main one. MACD indicator has turned up, which signals a completion of the correction.

Trading recommendations:

The GBP/USD currency pair resumed its upward movement. Thus, buy orders with targets at levels of 1.3024 and 1.3076 are now recommended. A turn of the MACD indicator downwards will serve as a signal to the manual reduction of longs.

Sell orders are recommended to be considered not earlier than traders overcoming the critical line and turning the MACD indicator down. Only in this case will it be possible to trade in a fall in small lots with the first goal of 1.2801.

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 market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Paolo Greco,
Analytical expert
InstaForex Group © 2007-2019
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