The downward flat-shaped movement made it possible to form an accumulation zone. The WCZ 1/2 1.3050-1.3029 is an obstacle in pulling down the price of the British pound. The upward medium-term momentum remains a priority while the pair is trading above this zone.
Testing the WCZ should be considered when forming a pattern for buying an instrument.
Working within the flat makes it possible to consider weekly extremes as support and resistance levels.
An alternative fall pattern will develop if today's closing occurs below the WCZ 1/2. This will open the way for the British pound to become cheaper in the second half of this week.
Daily CZ - daily control zone. The area formed by important data from the futures market, which changes several times a year.
Weekly CZ - weekly control zone. The zone formed by important marks of the futures market, which changes 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