Control zones for GBP / USD pair on 05/17/19

Yesterday, the pair reached a weekly control zone of 1.2792-1.2754, which indicates the need to close most of the sales. In addition, the pair is trading outside the average weekly move today, which indicates an increase in the probability of upward movement and a return to the range of up to 90%. For this reason, the "false breakout" pattern of yesterday's low within the control zone can be used to buy an instrument.

It is important to understand that the upward movement will be a correction to the bearish impulse, therefore, it is necessary to take care of fast fixations of purchases when reaching the first resistance zones.

An alternative model of continuing a bearish trend has a probability of less than 30%, which makes work in it unprofitable until the close of trading this week. Sales from current levels will not bring profit at a distance, which indicates the need to abandon them. If the instrument grows, it will be possible to look for an opportunity to enter the downward impulse.

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Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.

Weekly CZ - weekly control zone. The area formed by marks from the important futures market, which changes several times a year.

Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.

The material has been provided by InstaForex Company - www.instaforex.com