Control zones of GBP/USD pair 01/10/19

Trading 10 jan 2019 Donner votre avis

For three days in a row, the pair tested the weekly control zone of 1.2819-1.2781. There is no fixation above this area, which indicates a high probability of the emergence of a large supply and the formation of a correction model.

Today's movement may determine further construction of the medium-term plan. Another test of the weekly CZ of 1.2819-1.2781 led to the fact that market sellers again activated. The presence of a proposal indicates a large number of limit orders that impede the growth of the pair. There are no violations of the ascending structure but the local accumulation zone has already been formed. This gives you the opportunity to work on the sale of a weekly CZ. The first target of the fall is 1/4 CZ of 1.2707-1.2697. Achieving this zone will allow you to close a part of the short position and transfer the rest to breakeven.

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Do not forget that growth remains a medium -term impulse, therefore any transactions in the opposite direction should have a risk to profit ratio of at least 1 to 3 and sales should be recorded in parts.

An alternative fall model will be developed if the pair is able to break through the first 1/4 CZ of support at 1.2707-1.2697 and the closure of today's American session will occur below it. This will open the way for further reduction of the pair to the next target zone of the a CZ of 1.2611-1.2592, where the fate of the upward mid-term impulse will be determined.

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Daily CZ - daily control zone. The area formed by important data from the futures market that change several times a year.

Weekly CZ - weekly control zone. The area formed by marks from important futures market which change several times a year.

Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.

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

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