Control zones of GBP /USD pair 23.08.18
The growth of the current week is an impulse, which allows considering purchases at the test of significant support zones. The main support is a control zone at 1.2815-1.2803, the test of which will give favorable prices for the opening of purchases.
Yesterday, the pair reached the weekly control zone of 1.2925-1.2901, which allowed implementing the priority upward model. To continue its increase, it will be necessary to close one of the American sessions above this zone. the pair is trading within the first support of the a control zone at 1.2875-1.2869. If the closing of the American session occurs above this zone, then purchases can be made from current marks. The main support is the a control zone, where the fate of the upward momentum will be determined. It is required that the closing of the American session occurred above the level of 1.2803 to resume its uptrend. This will allow you to hold a long position to the next target zone.
Purchases from current levels are also profitable because the risk-to-profit ratio when updating the weekly extremum will be 1 to 3, provided that the stop-loss is set lower than today’s local minimum.
To form a reversal pattern, the growth absorption that occurred on Tuesday and the close of the US session below level 1.2803 will be required. This will cancel the purchase and allow you to search for profitable prices for sale tomorrow. The first goal of the fall will be the August low. Do not forget that sales from current levels are not profitable and the probability of a reversal pattern is 30%, which makes it only ancillary.
The daytime CP is the daytime control zone. The zone formed by important data from the futures market that change several times a year.
The weekly CP is the weekly control zone. The zone is formed by marks from important futures market which change several times a year.
The monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.