Simplified Wave Analysis. Review of EUR / GBP pair for the week of October 30

Wave pattern of the H4 chart:

From mid-April, an upward wave is formed on the graph. The first part of the movement (A) is formed. A correction (B) has developed in recent months.

Wave pattern of the H1 chart:

In the wave structure from the end of August, the middle part of the bearish zigzag is nearing completion.


Wave pattern of the M15 chart:

The bullish wave from October 10 is approaching the settlement zone of completion. The price is at the lower boundary of the large-scale resistance zone.


Recommended trading strategy:

"Buy" deals should be completed when the price reaches the reversal zone. A sensible tactic would be to look for signals to sell a tool.

Resistance zones:

- 0.8920 / 0.8970

Support areas:

- 0.8800 / 0.8750

Explanations to the figures:

The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the 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 while the dotted shows 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 -