10.10.201909:49 Forex Analysis & Reviews: Control zones GBPUSD 10/10/19

Yesterday, the pair tested the WCZ 1/4 1.2286-1.2278. The test led to a sharp increase in supply. The week's low was not updated, leaving room for further declines. The first target of the fall will be the level of 1.2169. This is a historically significant mark, the probability of which is 90%. Work in the downward direction gives an advantage, therefore, any growth should be considered for the appearance of a pattern for sale.

It is worth noting that just below the target level is the range of the average weekly move. Reaching this zone this week is highly likely to cause the fall to stop.

Work in the upward direction and search for a pattern to buy should not be before the test of one of the significant support levels. Until the above levels are reached, the probability of updating the weekly minimum is too high, which makes purchases not profitable at a distance.

Daily CZ – dailyy control zone. An area formed by important data from the futures market that changes several times a year.

Weekly CZ – weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.

Monthly CZ – monthly control zone. An area that reflects the average volatility over the past year.