Control zones of GBP/USD pair 10/18/18
Yesterday, a reversal pattern was formed, which indicates a change of priority to a downward one. Any increase in today’s European and American sessions will be corrective.
The a control zone was broken yesterday, the lower limit of which is located at the level of 1.3126. The closure of the American session was below this mark, which allows us to consider selling the instrument in any upward movement. The level of 1.3126 will be the first resistance in the way of growth, and its test can be used to search for favorable prices for sale.
The first goal of the downward movement will be the weekly control zone, where the lower limit of which is at the level of 1.2995. Reaching this zone requires closing a part of the position for sale, as the likelihood of demand increases. The rest can be transferred to breakeven.
To cancel the bearish impulse, it is necessary to absorb yesterday’s fall and close trades at the previous day’s high. The probability of the formation of this model is 30%, which makes it auxiliary. In the case of having a long position from last week or the week before last, it is better to completely eliminate it and consider selling options.