empty
 
 
12.11.2018 01:53 PM
Control zones of GBP/USD pair 12.11.18

At the end of last week, there was a violation of the upward impulse. All growth can be considered complete and the priority direction of work is again falling. Today there is a movement with a high probability of consolidation below the weekly control zone.

Today's fall continues the downward impulse movement, which completely changes the situation. The ascending medium-term model is complete and any growth of the pair should be taken as a correction and look for favorable prices for the sale of the instrument. Today's close below the weekly CP of 1.2910-1.2883 will allow speaking about the high probability of a return to the October minimum. Sales from current grades are no longer profitable, hence, a correctional growth is needed, from which it will be possible to enter a short position.

This image is no longer relevant

Is it important to understand that the price gap formed with today's discovery? It can be ignored with a further decline. Thus, the level of sales of the instrument must be adjusted after changes in the local minimum of the week.

For the formation of a reversal pattern, it will be necessary to absorb the current fall, which is more than the daily average. Therefore, the probability of a reversal is less than 30%, which makes purchases unprofitable. Considering long trades does not make sense as long as the pair is trading below a control zone of 1.2971-1.2958. At the moment, sales are already unprofitable, as the pair has gone through the day and increases the likelihood of a corrective movement.

This image is no longer relevant

The daytime CP is the daytime control zone. The zone formed by important data from the futures market that change several times a year.

The weekly CP is the weekly control zone. The zone formed by marks from important futures market which change several times a year.

The monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.

Samanta Kruder,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback