It can be recalled that we determined a high probability of resuming the upward impulse on the GBP/USD pair this week. The instrument declined to the main support zone of the WCZ 1/2 1.3719-1.3702 and gave the opportunity to enter a long position.
Today, the main plan is to keep purchases. At the daily level, the "absorption" pattern has formed in the direction of growth, which confirms the upward impulse. Any decrease should be considered as a corrective one. The weekly short-term target of 1.3979-1.3945 remains the upward target. After reaching this zone, it is necessary to record most of the purchases.
Buy deals can be converted to breakeven after updating the monthly high, which has an 80% probability. A consolidation above the weekly extreme will indicate the priority to rise next week.The material has been provided by InstaForex Company - www.instaforex.com