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Control zones for GBP/USD on 03/23/20

On Friday, the pair tested the weekly control zone 1.1884-1.1841. This made it possible to earn a favorable price for sale. Now, sales can already be converted to breakeven. In case of a retest, a new entry will be required if a sell pattern is formed. At the end of last week, a local accumulation zone was formed, which opens up the possibility for the correction of an upper period.

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Developing within the accumulation zone implies sales from the upper boundary with the continuation of the medium-term bearish momentum.

An alternative model will be developed if today's trading closes above the weekly control zone. This will open the direction for further growth and the formation of a deeper correction to the current medium-term decline. So far, developing in the growth's direction of the British pound should be executed with a partial closing of purchases at each of the important resistance levels.

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Daily CZ - daily control zone. The zone formed by important data from the futures market that changes several times a year.

Weekly CZ - weekly control zone. The zone formed by the important marks of the futures market, which change several times a year.

Monthly CZ - monthly control zone. The zone that reflects the average volatility over the past year.

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