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Review of GBP/USD. June 7. The forecast for the "regression Channels". The European Union has declared its intention to support the new transfer Brexit.

RSS feed for Forex Review 07.06.2019 at 04:55

Daily analytical reviews of the Forex market

4-hour timeframe

Technical data:

Senior linear regression channel: direction – down.

the Youngest linear regression channel: direction – down.

the Moving average (20; smoothed) – sideways.

CCI: 50.3164

British pound continues to trade slightly above the moving average line, showing that the weakness of the bulls. Recently traders often discuss candidates for the post of Prime Minister of the country, as even today Theresa may leaves the post of leader of the Conservative Party, and on 12 June will start the first round of elections for Prime Minister. However, in the context of Brexit, the new leader of the UK may not affect the situation with the country's withdrawal from the EU. Options Brexit, in fact, after all, remain the same: "transaction" Theresa may, "hard" Brexit, the rejection of Brexit, a new referendum. "Deal" may and "hard" Brexit Parliament would block voting. Thus, the new Prime Minister, a priori, will not be able to change the mood of Parliament and will not be able to change and modify the deal may, as the EU refuses to change and make adjustments in the current agreement. Accordingly, more probable scenarios are a second referendum or a change of government, the new parliamentary elections. Thus, in principle, even not very important who will become the new Prime Minister. The European Union seems also understands this and has announced the intention to extend the terms Brexit until June 2020. At the same time, a candidate for the post of Prime Minister Jeremy hunt believes that the need for new negotiations with the EU and the new agreement. Boris Johnson is ready to leave EU without agreements.

today technical levels:

S1 – 1,2665

S2 1,2634

S3 – 1,2604

resistance levels:

R1 – 1,2695

R2 – 1,2726

R3 – 1,2756

Trading recommendations:

GBP/USD started a new round of downward correction, which in the coming days may turn into a new downtrend. So now technically there are actual buying of the pound in small lots with the goals 1,2726 and 1,2756, if the pair re-bounce from the moving average.

to Buy the U.S. dollar is recommended after consolidation of the pair pound/dollar below the moving average line with the objectives of 1,2604 and 1,2573. In this case, the bears will once again take hold of the initiative on the currency market the pair GBP/USD.

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

technical comment:

Senior linear regression channel – blue line unidirectional movement.

the little the channel line – purple line unidirectional movement.

CCI – blue line in the window of a regression of the indicator.

the Moving average (20;smoothed) – blue line on the chart.

support and resistance – red horizontal lines.

Heiken-ASHI indicator, coloring bars blue or purple.The material has been provided by InstaForex company - www.instaforex.com