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Control zones GBPUSD 02/08/19

Yesterday's growth has led to the test of the first resistance of the NKZ 1/4 1.2958-1.2949. This makes it possible to consider the formation of the pattern in the direction of the continuation of the fall, since the main goal of the fall remains the weekly CC 1.2832-1.2793, which was not achieved. This model is a priority, which allows us to speak about its implementation with a high probability of exceeding 70%. From a technical point of view, yesterday's movement is impulsive, but as long as the pair is trading below the NKZ 1\4, it cannot be considered as such.

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The expiration of an option contract, which will occur today, may lead to a quick implementation of the priority model due to increased volatility in the US session. This must be considered when building a daily trading plan.

An alternative growth model will be developed if the pair is able to consolidate above the NKZ 1/4 in today's US session. This development will lead to the formation of a bullish movement, the goal of which will be the NCB 1/2 1.3064-1.3045. The test of this zone will be decisive for the downward mid-term movement. The probability of the formation of this model is about 50%, so you need to be ready for sales on this zone with increasing volatility in today's US session.

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Day short - daily control zone. The zone formed by important data from the futures market, which change several times a year.

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

Monthly KZ - 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