Control zones for GBPUSD on 09/07/2020

Today's opening of the European session may be decisive for the weekly movement. If the opening occurs under WCZ 1/2 1.3265-1.3244, then selling will come to the fore. The downward movement's target will be the weekly CZ 1.3049-1.3006.

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The work in the downward direction may become the main one for the entire current month, as the engulfing pattern of the weekly level has formed.

To resume growth will require opening or closing of European trading above WCZ 1/2. This will allow us to consider patterns for buying an instrument. The first growth target will be the monthly high.

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DSC - day control zone. An area formed by important data from the futures market that changes several times a year.

WCZ - weekly control zone. An area formed by important marks of the futures market, which change several times a year.

MCZ - monthly control zone. A zone that reflects the average volatility over the past year.

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