Simplified Wave Analysis. Overview of the GBP / USD for October 31

Wave pattern graphics H4:

The perspective direction of the short-term movement of the major sets the rising wave of August 15th. In the last 2 months, the price forms a correctional part (B).

Wave pattern graphics H1:

From September 20, a downward wave zigzag is formed. The price pushed through the zone of expected completion, extending to the next control line.

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Wave pattern graphics M15:

The descending section of October 12 completes the bearish model of watch TF. The price has reached the upper boundary of the large-scale support zone.

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Recommended trading strategy:

The price of the pair is at the potential reversal zone, where the probability of changing the direction of the price movement is high. It is recommended to track the instrument purchase signals.

Resistance zones:

- 1.2920 / 1.2970

Support areas:

- 1.2690 / 1.2640

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, 3 main TFs are used, on each, 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