Trading plan for GBP/USD on October 19, 2021

The GBP/USD pair's upward movement continues to be an impulse. Yesterday's decline allowed us to get favorable prices to buy the instrument. Now, there is an 80% probability to update the weekly high.

The task when buying is to hold these positions. The upward movement is a medium-term impulse and it will take a lot of time and effort to reverse it. On the other hand, any decline remains corrective for now, which will allow us to look for purchases and pull long positions to profits. If today closes above the Weekly Control ZOne of 1.3789-1.3755, the impulse will persist for three more days or more.

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The main task when trading towards bullish impulse is to partially fix profits at important resistance levels. It is not worth considering sales, since the probability of a reversal without a daily "absorption" is 20%.

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

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