Large TF:
The last unfinished wave of the pound is bearish, starting from last April. In recent months, an upward correction section has been formed within its framework.
Small TF:
The short-term vector to the movement of the pair is set by an unfinished bull wave dated December 12. At the time of analysis, the price reached the zone of potential large-scale reversal. Reversal signals are not yet formed.
Forecast and recommendations:
The potential of the current rise of the pound is limited by strong resistance. This week, we should expect a turnaround and the beginning of depreciation, with the overall flat nature of price fluctuations. During this period, the best tactic for traders will remain out of the market.
Resistance zones:
- 1.3320 / 1.3370
Support areas:
- 1.2990 / 1.2940
Explanatory notes for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). On each of the considered scales of the graph, the last, incomplete wave is analyzed. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!
The material has been provided by InstaForex Company - www.instaforex.com
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