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Yesterday, the GBP/USD pair formed a reversal pattern on the higher timeframe. The trading closed above the Weekly Control Zone of 1.3600-1.3583, which suggests that the upward trend will resume to the Weekly Control Zone of 1.3755-1.3789 with a 75% probability.
Trading in the upward direction is the main one this week. Finding favorable purchase prices should be the main task when building a trading plan. The main support zone is located at the opening level of yesterday and the WCZ of 1.3553-1.3545. Testing this zone will allow us to enter a long position at the most favorable prices to date.
Since the upward targets are far from the current prices, it is necessary to consider this when building a trading plan for the week. There is a low probability of reaching the Weekly Control Zone in the next 3-4 days, so purchases will have to be postponed until the following week.
An alternative version of the bearish correction will develop if today's trading closes below yesterday's opening.
Look out for risks and trade towards a higher priority. The GBP/USD is expected to rise this week.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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