Technical analysis of GBP/USD on October 8, 2021

The GBP/USD pair is still moving in an upward trend. The main upward target remains the Weekly Control Zone of 1.3789-1.3755. There is a 75% probability of updating the weekly high.

It should be noted that the pair has been trading within a flat for the past three days. The upper border is the weekly high, and the support zone is the WCZ 1/4 1.3561-1.3553. The likelihood of departing this flat upward is 75%.

If ever the price continues to trade flat, the purchases opened from the Weekly Control Zone of 1/4 must be transferred to breakeven and left for Monday.

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It is not recommended to sell the pound, since there is only a 25% probability to form a reversal pattern. The closing of today's trading below the Weekly Control Zone of 1/4 1.3561-1.3553 will indicate the downward reversal. In this case, selling will come to the fore on Monday, and the first target will be the September low.

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

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