The GBP/USD pair formed a local flat at the end of the previous week. The main target of Weekly Control Zone 1/2 1.3283-1.3266 has been achieved, so the formation of an upward reversal pattern can be assumed.
The Weekly Control Zone 1/4 1.3371-1.3363 is today's resistance. It is not profitable to open deals while the pair is trading within a flat. It is necessary to wait for the true breakdown of the flat zone. If the closing of today's European or American session occurs above the WCZ 1/4, then the next target for strengthening the pound will be the Weekly Control Zone 1/2 1.3466-1.3449. This pattern will become the main one this week and will allow us to search for purchases.
Trading in a downward direction will continue if today's test of the WCZ 1/4 leads to the appearance of a large offer, and the pair remains in its flat zone. This will indicate the formation of an expanding flat and a high probability of updating the monthly low.The material has been provided by InstaForex Company - www.instaforex.com