You are here: Home > articles > Forex > GBP/USD. January 23. Results of the day. The pound is growing against all odds. Traders are tired of rumors
GBP/USD. January 23. Results of the day. The pound is growing against all odds. Traders are tired of rumors
January 24, 2019 12:22 amVideo
Latest News
- Video market update for April 23, 2024 April 23, 2024
- Trading Signals for EUR/USD for April 23-25, 2024: buy above 1.0681 (21 SMA – 3/8 Murray) April 23, 2024
- Analysis for the EUR/USD pair on April 23rd. Euro currency prepares for another decline April 23, 2024
- Analysis for the GBP/USD pair on April 23rd. Sellers failed to take the mark of 1.2313 on the first attempt April 23, 2024
- Technical Analysis – AUDUSD gears up after disappointing US PMIs April 23, 2024
- Technical Analysis – Meta stock falls below 50-SMA ahead of earnings April 23, 2024
- USD/JPY: Simple trading tips for novice traders on April 23rd (US session) April 23, 2024
- GBP/USD: Simple trading tips for novice traders on April 23rd (US session) April 23, 2024
- Technical Analysis – USDJPY fights with new 34-year high April 23, 2024
- EUR/USD: Simple trading tips for novice traders on April 23rd (US session) April 23, 2024
- Alphabet Q1 Earnings: Strong ad business but AI initiatives lag – Stock Markets April 23, 2024
- GBP/USD: trading plan for the US session on April 23rd (analysis of morning deals). The pound continues to decline April 23, 2024
- EUR/USD: trading plan for the US session on April 23rd (analysis of morning deals). The euro has shown rapid growth April 23, 2024
- EUR/USD. April 23rd. Bulls and bears are in balance April 23, 2024
- GBP/USD. April 23rd. The bears continue to attack April 23, 2024
- Gold edges lower as Middle East tensions ease April 23, 2024
- Slightly lower volatility across the board ahead of key US data – Volatility Watch April 23, 2024
- Technical Analysis – UK 100 index hits new all-time highs but rally may be cooling April 23, 2024
- XM Teams up with ‘Charity Right’ for Change April 23, 2024
- Technical Analysis – US 500 index rebounds off 2-month low below 5,000 April 23, 2024
4-hour timeframe
The amplitude of the last 5 days (high-low): 72p – 169p – 136p – 80p – 119p.
Average amplitude for the last 5 days: 115p (140p).
On the third trading day of the week, January 23, the British pound sterling resumed its upward movement and overcame the first resistance level of 1.3024. It is rather strange to observe the strengthening of the British currency in the current situation, nevertheless, we have already said that from a technical point of view everything is fine. The pair maintains an uptrend, and the MACD indicator ideally shows the start and end of all corrections. There are no new posts for Brexit. And, frankly, it’s hard to imagine what the character must be that traders pay attention to them. Now, most likely, market participants are waiting for concrete decisions on Brexit, rather than a new portion of rumors that there may be a second referendum or that Theresa May might resign. Therefore, in order to break the current trend, we need strong, serious and official information. However, the current lack of market response does not mean that the Brexit question no longer interests the market. The Bank of England recently warned that in the event of a disordered Brexit, the pound sterling could drop another 25%. But what will happen to the pound if the UK remains in the EU? Nobody knows this yet. Therefore, we recommend following the trend now, not attaching importance to the fact that such growth is not entirely logical from a fundamental point of view.
Trading recommendations:
The GBP/USD currency pair resumed its upward movement. Thus, purchase orders with a target level of 1.3172 are now recommended. A turn of the MACD indicator downwards will serve as a signal to the manual reduction of longs.
Shorts are recommended to be considered after overcoming the critical line by traders. Only in this case it will be possible to trade small lots with the first purpose of lowering the Senkou line.
In addition to the technical picture, fundamental data and the timing of their release should also be taken into account.
Explanation of illustration:
Ichimoku Indicator:
Tenkan-sen-red line.
Kijun-sen – blue line.
Senkou span a – light brown dotted line.
Senkou span B – light purple dotted line.
Chikou span – green line.
Bollinger Bands Indicator:
3 yellow lines.
MACD:
Red line and histogram with white bars in the indicator window.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: