Control zones for GBPUSD on 07/28/20

The pair's growth makes it possible to keep some of the purchases opened last week. The closest target of the upward movement is still the WCZ 1/2 1.2963-1.2942. The lower border of the monthly CZ 1.2931 is slightly below this zone. The coincidence of such significant zones indicates the need for full consolidation of purchases in case the indicated marks are reached, as this can lead to a sharp increase in supply.

analytics5f1fb76ff272d.jpg

Selling is still premature, so it is necessary to wait until an absorption pattern of the daily level has formed in order to find profitable prices.

An alternative model will develop if the closing of today's trade occurs below Monday's opening. This will indicate the emergence of large sellers and provide an opportunity to enter a short position tomorrow. The decline will be a corrective movement, so sales will be limited.

analytics5f1fb781d1dab.jpg

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