The test of monthly short-circuit at the beginning of this week became an obstacle to growth. Moreover, the likelihood of further strengthening of the British pound decreased to 30%. The retest of the maximum of the current week can be considered for the formation of the "false breakdown" pattern.
Since the end of last week, the formation of a local accumulation zone is taking place, which may become decisive in the search for a new priority. False breakdown of this zone will open the prices for a profitable entry into the position.
An alternative model will be developed if today's trading closes above a weekly high. This will indicate a continuation of the bullish momentum, but sales will have to wait as there will be opportunities for more profitable deals.
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 area formed by marks from the important futures market, which changes several times a year.
Monthly CZ - monthly control zone. The area is a reflection of the average volatility over the past year.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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