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Business / Finance

THE GBP/USD. 8 Feb. The results of the day. The pound sterling is thinking

Analytical reviews Forex 08.02.2019 at 16:00

Daily analytical reviews of the Forex market from InstaForex company

4-hour timeframe

the Amplitude of the last 5 days (high-low): 72p – 74p – 128p – 54p - 143p.

the Average amplitude over the last 5 days: 94p (78p).

the British pound has corrected to the critical line, but failed to resume downside movement on Friday, 8 February. Most of the day, the instrument held in the trades near the line Kijun-sen. Meanwhile, after the failure of negotiations with Jean Claude Juncker Theresa may went to Ireland to discuss the future of the country's borders after Brexit. Most likely, may will insist on changes to the "deal" with the EU in the items relating to the Northern Ireland border. The mere fact of the visit to Dublin Theresa may is not something important, but other news during the day did not arrive neither from the States nor from the United Kingdom. In General, we believe that the pound could continue to move down. Just based on the fact that over the past few months, the EU and Britain has not one iota closer to the signing of the Treaty, although there was a huge number of events that can talk about tangible progress. Traders are still waiting for a final decision on the parties but its just not, and the time of the decision will be delayed as long as possible, as both sides do not want to give up and not want to go to a "hard" Brexit scenario. Thus, from our point of view, this Saga may continue for as long as you want. March 29 – no more than the planned date of entry to the UK from the EU, which easily can be transferred at a later date, just as Theresa may moves the date of the vote for the Brexit her bill in Parliament.

Trading recommendations:

GBP/USD retraced to the Kijun-sen. Bounce rates from the line and a reversal of the MACD indicator down to signal the opening of new shorts with the aim 1,2853.

the Long positions in small lots will be relevant not earlier than the price fixates above the critical line. In this case, the first target will be the level of 1,3042, and the trend may change to bullish.

in Addition to the technical picture should also consider the fundamental reports and time of their release.

trading recommendations:

Ichimoku:

Tenkan-sen – red line.

the Kijun-sen – blue line.

the Senkou span a – light brown dotted line.

the Senkou span B – light purple dotted line.

the Chinkou span – green line.

the Indicator Bollinger bands:

3 yellow lines.

MACD:

the Red line and the histogram with white bars in the indicators ' window.The material has been provided by InstaForex company - www.instaforex.com