Trading recommendations for the GBPUSD currency pair - placing trading orders (April 24)

Over the past trading day, the currency pair pound / dollar showed volatility, close to the average daily 90 points, where as a result, we got a breakthrough of the previously formed cluster. From the point of view of technical analysis, we have a breakthrough of the 1.2970 / 1.3000 cluster in a downward direction, but this is not all. This accumulation was expressed in the main range level of 1.3000 (1.2970 / 1.3000), where the quotation was moving, and it turns out that this level has fallen. And at the moment, we recall that this coordinate has kept us since February. The information and news background came to life after long holidays, and volatility in the market followed it. Let's start with the information background, where fans revived Brexit, so, then, the press service of the European Commission represented by its deputy Mina Andreeva said: "The agreement on the withdrawal of Britain from the European Union is the best possible solution, and can not be revised. "At the same time, the Conservative Party asked a direct question to Prime Minister Theresa May: "When will she leave her post?" Naturally, on such a positive background in quotes, the British began to decline on a low volume. In support of the decline of the pound, statistics from the United States on sales of new housing also played, where they waited for a decline from 662K to 647K, but received 692K.

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Today, in terms of the economic calendar, there are no statistics on Britain or the United States, but do not forget about the information background, which can spontaneously fly out.

Further development

Analyzing the current trading chart, we see an intensive descending move, where the quote has already reached the value of 1.2920, which is a periodic level in the lyceum of the earlier cluster. Will the bay of short positions continue? Here, it is necessary to analyze the point of fixing the price, as it is still possible to stagnate with rollbacks. In any case, traders still have short positions held in the market. Thus, the inertial move takes place.

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Indicator Analysis

Analyzing a different sector of timeframes (TF), we see that there is a downward interest on the general background of the market in the short, intraday, and medium term.

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

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

(April 24 was based on the time of publication of the article)

The current time volatility is 28 points. It is likely to assume that the incentive to increase volatility in the market.

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Key levels

Zones of resistance: 1.3000 **; 1.3220 *; 1,3300 **; 1.3440; 1.3580 *; 1.3700

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

* Periodic level

** Range Level

The material has been provided by InstaForex Company - www.instaforex.com

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