Control zones for GBPUSD on 07/01/20

An absorption pattern formed at the daily level yesterday. This can be a springboard for further growth in the second half of the week. Favorable prices for purchasing can be found at the level where European trading closed at yesterday. The growth target is WCZ 1/2 1.2488-1.2467, the test of which will determine the further priority.

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The probability of holding the price within the limits of yesterday's daily growth and retest of yesterday's high is 75%.

To cancel the upward model, it will be necessary to form the absorption pattern of yesterday's daily candle. If this happens, then sales will come to the fore again, and the first target for the fall will be WCZ 1/2 1.2121-1.2100, which coincides with the weekly average move zone.

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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 zone formed by important marks of the futures market, which changes several times a year.

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

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