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Today, the pair is trading at a weekly high, which may become crucial in the formation of further movement. If the price is kept below the extreme, the downward movement will form a local accumulation zone. The first goal of the decline will be yesterday's low. The main support will be WCZ 1/2 1.2358-1.2342.
Today's trading in normal mode will proceed until the release of important news on the US dollar rate. After the news release, you will have to rebuild the trading plan, since there is a high probability of increasing volatility and the pair going beyond the average moves.
An alternative growth model will be developed if today's trading closes above 1.2512. This will open the way for further growth. The medium-term impulse is aimed at strengthening the British pound, so the continuation of this dynamics is highly likely. Purchases from current marks are not profitable, therefore, the formation of a correction model is required.
Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change several times a year.
Monthly CZ - monthly control zone. The zone, which is a reflection of the average volatility over the past year.
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