Control zones for GBPUSD on 08/26/20

The downward flat-shaped movement made it possible to form an accumulation zone. The WCZ 1/2 1.3050-1.3029 is an obstacle in pulling down the price of the British pound. The upward medium-term momentum remains a priority while the pair is trading above this zone.

Testing the WCZ should be considered when forming a pattern for buying an instrument.

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Working within the flat makes it possible to consider weekly extremes as support and resistance levels.

An alternative fall pattern will develop if today's closing occurs below the WCZ 1/2. This will open the way for the British pound to become cheaper in the second half of this week.

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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