For the week, the downward medium-term movement of the pair resumed after the weekly short-term outline 1.3343-1.3315 was tested. The immediate goal of the fall is a weekly short-term limit at 1.3049-1.3021.
Medium-term plan.
The continuation of the weakening of the British pound is a priority at the end of this week. This allows keeping the sales after the formation of the reversal pattern at the beginning of this week. The first goal of the reduction in the weekly short-term at 1.3049-1.3021. In case that it consolidates below this zone by the time of closing of the trades of the current week, the next target will be the monthly CP of October 1.2942 - 1.2893, where the future of the long-term downward momentum will be determined. Any growth of the pair should be used to obtain favorable prices in selling the instrument.
The likelihood of forming an alternative growth model is extremely low, which does not allow considering it for purchases in the medium term. A correction model is better to consider on a younger time interval.
Intraday plan.
Yesterday, the price was fixed below NKZ 1/2 at 1.3193-1.3179, which allows talking about the implementation of the reversal model. The purpose of the fall is a week-long fault between 1.3049 - 1.3021. When this zone has been achieved, the market is obliged to close the majority of sales, as the probability of forming a deep correctional model increase. Any growth should be used to obtain favorable prices in selling the pair. The nearest resistance is found at NKZ 1/4 at 1.3178 - 1.3171. The fastening below the level of 1.3100 opens the way of moving forward and not recoil to the weekly short-circuit, which is located within the daily average.
The daytime CP is the daytime control zone. The zone formed by important data from the futures market that change several times a year.
The weekly CP is the weekly control zone. The zone formed through marks from important futures market changes several times a year.
The monthly CP is the monthly control zone. The zone is a reflection of the average volatility over the past year.
