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Everything goes according to the plan: GBP/USD rate decline

The downward movement on the GBP/USD pair is an impulse, which allowed us to sell the instrument yesterday. A consolidation below the Weekly Control Zone 1/2 1.3810-1.3793 indicates that the pair will reach the WCZ 1.3638-1.3604 in the near future with a probability of 75%. Here, the best trading strategy is to hold short positions and re-enter in a bearish direction.

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The attempts to reverse the downward impulse will face a strong resistance level. Most likely, we can expect a reaction to the zone of the average weekly movement W1 today or tomorrow. A partial consolidation of sales will allow us to hedge against a repeated corrective movement. It is important to understand that it is necessary to transfer a short position to breakeven not earlier than the weekly low is updated.

The involvement of an increasing number of deferred purchases of the British pound in the game indicates their huge number. The inertia of such movements is quite strong, so one should not think about purchasing. At this stage of the development of the bearish impulse, it is recommended to focus on finding favorable prices in selling the instrument.

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