Purchases of GBP USD. Goals and prospects.

A work in the upward direction is corrective, however, there's a probability that the pair will exceed 70% to make the purchases profitable. Yesterday, a model was formed for opening a long position. The main plan for the next few days is to hold the purchase. A good target for fixing is the wcz 1/2 1.2998 - 1.2977. Since the trade is open in the direction of correction, it is important to move it to break even in time. A retest of yesterday's high will be enough to achieve this.

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For the first time, absorbing Friday's drop will be problematic because a major player will protect their positions on the first test of the offer level. For this reason, locking in purchases when Thursday's opening level is reached is the optimal strategy.

The movement going down will remain a medium-term momentum as long as the pair is trading below the wcz 1/2. This indicates the need to search for a sell pattern when the full correction phase is formed. Sales can be searched after the wcz 1/2 test. It will allow you to get favorable prices and continue working in a downward momentum.

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