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For the third week, the pair forms a medium-term accumulation zone. Movement within this zone implies working from the top boundary with short trades towards the depreciation of the pound.
After the formation of the bank compilation zone in the current environment, the rate fell by almost 1% which indicates the absence of large limit orders on the way of reduction. The main target of decline is the July low at 1.2957, testing this level will require partial or full fixation of the short position. Open sales from the limits of the banking compilation zone can be transferred to a breakeven. For those who do not yet have a position, favorable prices for sales will be located slightly lower. It is important to understand that any upward movement at this stage is a correction and provides an opportunity to enter into sales.
Sales from current marks are no longer profitable, as the risk-to-profit ratio is less than 1 to 3. For profitable sales, you must wait for growth to one of the significant resistance levels.
The cancellation model of the fall will be the absorption of yesterday's decline during the trading sessions today and the closing of the American session above the bank compilation zone. The probability of implementing the pattern is 30%, which cannot be considered a trade. If the pair continues to fall from current marks and will test the July low today, then the reaction to the 1.2957 level will be significant. If the demand sharply grows and the US session closes above the level, then the formation of the medium-term accumulation zone will continue next week, and the probability of a return to the bank compilation area will increase to 50%.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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