Forex Analysis & Reviews: 17.04.2019 - Trading recommendations for...

17.04.2019 10:08 AM

Trading recommendations for the GBPUSD currency pair - placement of trading orders (April 17)

For the last trading day, the currency pair pound / dollar showed an extremely low volatility of 58 points again. As a result of which, it kept its movement within the range. From the point of view of technical analysis, we see a movement from the upper border of 1.3120 to the lower border of 1.3050, where the quotation for the time overcame the frame, but still being within the tolerance deviation of 1.3050 / 1.3030, as we can see in the graph. It should be understood that the current formation in the form of a flat is a temporary character, as well as its borders, since the main point of support and the range level itself is 1.3000, which is confirmed by history. The information and news background did not have any activity yesterday. From the earlier one, we only have a statement by the head of the European Commission Jean-Claude Juncker that Brexit will not be the end of the European Union. The news background had data on the salary level of Britain, where the revised data for the previous period and the level of wages, taking into account the premiums was 3.5% and the actual data came out the same. At the same time, the number of applications for unemployment benefits increased from 26.7K to 28.3K, with a forecast of 20.0K. As a result, on the general background, the pound continued to decline to the lower limit of the range.

Today, in terms of the economic calendar, we have data on inflation, where growth is expected from 1.9% to 2.0%, which can support the British currency.

Further development

Analyzing the current trading chart, we see that, after all, the quotation is still within the range, trying to work out the lower limit of 1.3050 (1.3030). It is likely to assume a temporary fluctuation within the lower limit, where in the case of fixation higher than 1.3070, we may open the way to 1.3090-1.3120.

Based on the available data, it is possible to decompose a number of variations. Let's consider them:

- We consider buying positions in case of price fixing higher than 1.3070, where the perspective of the move is at points 1.3090-1.3120.

- Sell positions are considered in the case of price fixing lower than 1.3030, where the primary perspective is 1.3000.

Indicator Analysis

Analyzing a different sector of timeframes (TF), we see that the downward interest is maintained in the short, intraday and medium term. If there is a stagnation within the lower limit or the same rebound, the indicators on the smaller TF will quickly replace the interest.

Weekly volatility / Measurement of volatility: Month; Quarter; Year

Measurement of volatility reflects the average daily fluctuation, based on monthly / quarterly / year.

(April 17 was based on the time of publication of the article)

The current time volatility is 31 points. It is likely to assume that in the absence of an information background and the preservation of a range move, the volatility will remain low.

Key levels

Zones of resistance: 1.3220 *; 1,3300 **; 1.3440; 1.3580 *; 1.3700

Support areas: 1.3000 ** (1.3000 / 1.3050); 1.2920 *; 1.2770 (1.2720 / 1.2770) **; 1.2620; 1,2500 *; 1.2350 **.

* Periodic level

** Range Level

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