Simplified wave analysis of the currency pair EUR / GBP for February 5

Large-scale graphics:

Since April of last year, the rising wave has been developing on the chart of the motocross pair. In its structure, the middle part (B) is nearing completion.

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Medium scale graphics:

The bearish stretch of December 10 in the larger wave model formed a correction. The price has reached the potential reversal zone, but signals of a quick change of course are not yet observed.

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Small-scale graphics:

From the powerful support from January 25, the price started upwards, forming the basis for a potentially reversing design. In the coming days, followed by a rollback down.

Forecast and recommendations:

The price of the cross expects movement in the "side", which will allow the current price rise to gain the necessary level to change the short-term trend. Trading in such conditions is quite risky, the best solution would be to refrain from trading.

Resistance zones:

- 0.8790 / 0.8840

Support areas:

- 0.8630 / 0.8580

Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. Each of them analyzes the last, incomplete wave. 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