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4-hour timeframe
Technical details:
The senior linear regression channel: direction - up.
The younger linear regression channel: direction - up.
Moving average (20; smoothed) - up.
CCI: 99.4343
The GBP / USD currency pair continues its strong and recoilless upward movement. Yesterday, a growth catalyst came from the UK that the parliament adopted a new strategy for Prime Minister Theresa May regarding voting on Brexit issues. As we wrote earlier, now on March 12, the parliament will be able to vote for existing agreements with the EU (most likely, it will be rejected), on March 13 - for leaving the EU without a "deal", and on March 14 - for postponing the date of leaving the EU. In general, it is not clear why it is necessary to arrange the first two ballots and if it is absolutely clear to everyone that the parliament will reject the plan "B" of Theresa May, which differs little from the plan "A", and nobody needs the "hard" Brexit. Therefore, from our point of view, there is no victory for Theresa May, she simply ceased to put pressure on parliament with an impartial choice: either withdrawing from her Checkers plan, or without a "deal". France and Germany yesterday also commented on Brexit. These two countries fully support the postponement of the date, if that makes any sense. In general, we have come to the point where all the participants in this procedure recognize a certain stalemate and are ready to postpone Brexit to a later date. The most interesting thing is that the pound responds to these events very positively as if the agreement with the EU has already been signed. We still believe that this is a completely unreasonable reaction of the market, and the pound overbought, but we recommend to continue to follow the trend.
Nearest support levels:
S1 - 1.3184
S2 - 1.3062
S3 - 1.2939
Nearest resistance levels:
R1 - 1.3306
R2 - 1.3428
R3 - 1.3550
Trading recommendations:
The pair GBP / USD continues the uptrend. Now buy orders with a target of 1.336 remain relevant, and if this target is overcome, with a target of 1.3428. Turning the Heikin Ashi indicator down will signal a manual reduction of long positions.
It is recommended to open the short positions in case the pair overcome the moving average. In this case, the trend in the instrument will change to downward, and the first goal will be the level of 1.3062.
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.
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