The growth in the price of the British pound on Friday was impulsive and led to a change in priority. It is important to note that the bullish movement led to moving beyond the average daily rate. This leads to the fact that the pair goes in the opposite direction. On the other hand, the probability of a return to the level of the average move on Friday is 90%. Thus, this will allow to get favorable prices for the purchase of the instrument The first support will be the Weekly Control Zone 1/4 1.3080-1.3071. A test of this zone will indicate the need to search for a pattern to purchase an instrument.
The purpose of the upward impulse is the weekly control zone 1.3287-1.3249. The probability of reaching this zone is 70%, which allows purchases to be profitable at a distance. Today, the main work is towards the strengthening of the British pound.
To break the structure and enter the phase of medium-term flat, it will be necessary to close today's trading below the level of 1.3071. This will allow you to get better prices for the purchase of the instrument in the future. However, sales from the current grades are not profitable, since the probability of being below the Friday minimum is 30%, which does not allow for the required gain in the distance.
Daily CZ - daily control zone. The area formed by important data from the futures market, which change several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which change 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