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GBPUSD: medium-term sells of the pair.

GBPUSD: medium-term sells of the pair. | 06 October 2023

06 October 2023, GBP/USD

• Long-term trend: goes short. The maximum accumulation of volumes of the current contract is located in the range, of quotations 1.21250-1.21600. At the moment, the pair is trading higher, indicating the weakness of sellers.

• Medium-term trend: goes short. The maximum accumulation of volumes of medium-term trend is located in the range, of quotations 1.21300-1.21600 and 1.20650-1.20950. Currently, the pair is trading within the specified range, indicating a temporary uncertainty.

• The area of profitable prices for sell in terms of marginal cover is located between zones 1/4 and 1/2 constructed from the minimum 03.10.2023.

• Quotation of the lower boundary of the zone 1/4-1.21305.

• Quotation of the lower boundary of the zone 1/2-1.22065.

• Intraday objectives: update the lows from 03.10.2023-1.20384.

• Medium-term objectives: test the higher bound of GWCZ - 1.19425.

• Trading recommendations: sells from the range of favorable prices in the formation of a reversal pattern.

• Sell: 1.21305-1.22065, Take Profit 1-1.20384, Take Profit 2-1.19425.

• WCZ (weekly control zone)

• GWCZ (golden weekly control zone)

• SWCZ (silver weekly control zone)

James Hoggarth
Analyst of FreshForex
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