EUR / GBP pair overview on simplified wave analysis for the week of August 28

The wave pattern of the H4 graph:

The dominant trend of cross-border prices, since April 17, is directed upward towards the global trend.

The wave pattern of the H1 graph:

Since June 15, the ascending section formed the final part of the wave zigzag in a higher timeframe. The price has reached the boundaries of the potential reversal zone.

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The wave pattern of the M15 chart:

Since August 9, the bearish wave is developing. Its shape took the wrong form, with an elongation in the direction of the current trend. In the coming days, the pair's exchange rate is expected to change.

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Recommended trading strategy:

Conditions for long-term investments in the instrument are not yet established. At the smallest TFs, it is possible to play a lowering rate, but the degree of risk is high.

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Resistance zones:

- 0.9050 / 0.9100

Support zones:

- 0.8960 / 0.8910

Explanations to the figures:

A simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). The last incomplete wave for every timeframe is analyzed. Zones show the calculated areas with the greatest probability of a turn.

Arrows indicate the counting of the wave. The solid background shows the generated structure and the dotted.

Attention: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need to confirm the signals used by your trading systems.

The material has been provided by InstaForex Company - www.instaforex.com