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10.03.202007:22 Forex Analysis & Reviews: Control zones of GBP/USD on 03/10/20

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Yesterday, the pair tested the upper monthly control zone and formed a pattern of "false breakdown". This allowed them to enter the sale. The first goal of the short position is the Weekly Control Zone 1/2 1.3005-1.2986. This zone coincides with the upper boundary of last week's average course. The probability of fixing part of the profit at this mark is very high. The test zone can be considered for demand.

The development in the downward direction remains corrective. A further decline will be confirmed only if the pair consolidates below the Weekly Control Zone 1/2 at today's US session. This will lead to the formation of an alternative pattern that will allow to keep part of the sales opened yesterday. Moreover, additional sales will be available tomorrow. The next goal of the decline will be the weekly control zone 1.2813-1.2775.

A little below the Weekly Control Zone 1/2 is the zone of the average weekly move, which can serve as an obstacle for the pair to decline this week.

Daily CZ - daily control zone. The zone 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. The zone that reflects the average volatility over the past year.

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