FX.co ★ Technical analysis of GBP/USD on October 8, 2021

The GBP/USD pair is still moving in an upward trend. The main upward target remains the Weekly Control Zone of 1.3789-1.3755. There is a 75% probability of updating the weekly high.

It should be noted that the pair has been trading within a flat for the past three days. The upper border is the weekly high, and the support zone is the WCZ 1/4 1.3561-1.3553. The likelihood of departing this flat upward is 75%.

If ever the price continues to trade flat, the purchases opened from the Weekly Control Zone of 1/4 must be transferred to breakeven and left for Monday.

It is not recommended to sell the pound, since there is only a 25% probability to form a reversal pattern. The closing of today's trading below the Weekly Control Zone of 1/4 1.3561-1.3553 will indicate the downward reversal. In this case, selling will come to the fore on Monday, and the first target will be the September low.