End of the GBP/USD upward correction

Yesterday, the GBP/USD pair retested the significant resistance zone of WCZ 1/2 1.3790-1.3773. This led to a decline and retention of the market maker's level.

The formation of the reversal pattern is not yet fully done, but the price holding at one level for the previous five days indicates the presence of a large number of limit orders to sell the instrument. Our task is to adapt to the reversal pattern if it develops. It is important that today's closing occurs below the Weekly Control Zone 1/4 1.3721-1.3713.


The upper border of the flat has already been defined, which continues to determine the size of the downward movement. In order for our sales to go into the bearish impulse phase, it is necessary to hold the market maker's zone and consolidate below last week's low.

Any movement that will contradict the plan should not be terminated. To cancel the downward pattern, it will be necessary to close today's trading above the level of 1.3790.

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

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