4-hour timeframe

Technical details:

The senior linear regression channel: direction - down.

The junior linear regression channel: direction - down.

Moving average (20; smoothed) - down.

CCI: -11.7614

The GBP / USD currency pair has worked several times the moving but failed to consolidate above it, therefore, from a technical point of view, it is now more likely that the downward movement will resume. From a fundamental point of view, there is nothing special to note now, since, during yesterday, there were no reports on the subject of Brexit. Thus, the pound had nothing to react to. To date, no macroeconomic reports are planned in the UK. In the United States, data on retail sales, industrial production and preliminary values of indices of business activity in the areas of services and production will be published. Potentially, these data may affect the movement of the pair, but the British currency and traders are now much more interested in any information on Brexit, and not American reports, which are not the most important. Thus, as before, we believe that the best development option for the pound would be the absence of new falls until the moment of voting in parliament. However, for this, the pair must at least overcome the moving.

Nearest support levels:

S1 - 1.2573

S2 - 1.2512

S3 - 1.2451

Nearest resistance levels:

R1 - 1.2634

R2 - 1.2695

R3 - 1.2756

Trading recommendations:

The GBP / USD currency pair remains in a downward mood. The Heikin Ashi indicator turned down, so now it is relevant to sell orders with targets of 1.2512 and 1.2451.

It is recommended to open long positions not earlier than traders overcome the moving average line. But even in this case, the positions should be small, since the pound has no fundamental support.

In addition to the technical picture, you should also consider 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.