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Trading recommendations for the GBPUSD currency pair – placement of trading orders (May 14)
May 14, 2019 12:23 pmVideo
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Over the last trading day, the pound / dollar currency pair showed high volatility of 99 points, as a result of having a breakdown of stagnation and a pulse candle. From the point of view of technical analysis, we see that the holding level of 1.3000 fell and a pullback followed by stagnation served as a certain regrouping of the trading forces, where as a result we saw a pulse move up to the level of 1.2940. The news and news background did not have any statistics in itself, but the speech was delivered by the head of the Federal Reserve Bank of Boston, Erik Rosengren, to which the market responded. From the words of the head of the FBI, they revealed a rather clear position in which there was a message that they would not reduce the interest rate until there was more complete information about the economic situation in connection with the application of import duties. Returning to Brexit, we have renewed negotiations between the British Conservatives and Labor. However, no progress has been observed. Keir Starmer, the spokesman for the Labor party opposition was held responsible for the Brexit’s question and said that his party was ready to support the Brexit deal only if it was then put to a referendum. In turn, Theresa May rejected the possibility of a new Brexit referendum.
Today, in terms of the economic calendar , we have statistics for the UK, where at first glance, everything is not that bad while the number of applications for unemployment benefits for April is reduced from 28.3K to 24.2K. At the same time, the average wage with premiums and excluding premiums is reduced, which will put pressure on the English currency.
11:30 MSK – The average wage excluding bonuses (Mar): Prev. 3.4% —> Prog. 3.3%
11:30 MSK – The average wage with bonuses (Mar): Prev. 3.5% —> Prog. 3.4%
Further development
Analyzing the current trading chart, we see that after the impulse move a slight pullback took place, the bearish interest remains on the market. It is likely to assume that the downward movement will continue in the direction of 1.2880 — 1.2880, where afterwards you can wait for the corrective move.
Indicator Analysis
Analyzing a different sector of timeframes (TF ), we see that in the short, intraday and medium term, there is a downward interest against the general background of the market.
Weekly volatility / Measurement of volatility: Month; Quarter; Year
Measurement of volatility reflects the average daily fluctuation, based on monthly / quarterly / year.
(May 14 was based on the time of publication of the article)
The current time volatility is 27 points. If the downward trend continues. The volatility can safely reach the daily average.
Key levels
Zones of resistance: 1.3000 **; 1.3180 *; 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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