4-hour timeframe

Technical details:

The senior linear regression channel: direction - up.

The younger linear regression channel: direction - up.

Moving average (20; smoothed) - down.

CCI: -161.0887

The currency pair GBP / USD on Tuesday, February 12, resumed its downward movement after the absolutely disastrous macroeconomic statistics published the day before. We will not speak about the failure of GDP and industrial production and the reasons for this. Brexit continues to put pressure on the UK economy, and the pound sterling. The very procedure of the country's withdrawal from the EU stopped in a dead center, and it is not yet clear how the current British Prime Minister, who has already avoided two resignations on votes of no confidence, is going to solve this stalemate? So far, there is information that Theresa May is going to ask Parliament to postpone the date of voting on the terms of Brexit to the end of February, in order to get a few more weeks to negotiate with EU leaders. Although why does she need these weeks and these negotiations, if the EU has made it clear that there will be no new concessions, like new negotiations? In general, we wrote a month ago that Brexit is entering the final stage. It seems that in this "final" stage, it will remain until March 29, and further, it is possible to postpone Britain's release from the EU to a later date. In particular, the date was January 1, 2020. Thus, this whole epic can be delayed for another year. On February 12, the Bank of England's head Mark Carney is scheduled to speak, who may "add fuel to the fire" with new fears for the "tough" Brexit, but will do his best to reassure the markets.

Nearest support levels:

S1 - 1.2817

S2 - 1.2756

S3 - 1.2695

Nearest resistance levels:

R1 - 1.2878

R2 - 1.2939

R3 - 1.3000

Trading recommendations:

The currency pair GBP / USD continues its downward movement. Thus, it is still recommended to trade short positions with the goal of 1.2817. Heikin Ashi's turn up will be a signal for manual reduction of the short positions.

Buy positions are recommended to be opened after the price is fixed back above the moving with targets of 1.3000 and 1.3062. There is still no fundamental basis for strengthening the British currency.

In addition to the technical picture should also take into account the fundamental data and the time of their release.

Explanations for illustrations:

The senior linear regression channel is the blue lines of the unidirectional movement.

The junior linear channel is the purple lines of the unidirectional movement.

CCI is the blue line in the indicator regression window.

The moving average (20; smoothed) is the blue line on the price chart.

Murray levels - multi-colored horizontal stripes.

Heikin Ashi is an indicator that colors bars in blue or purple.