Large-scale graphics:
Since April of last year, the downward wave sets the price movement vector. The price achieved support large scale. Given the incompleteness of the structure, the counter-correction is further expected.
Medium scale graphics:
The rising wave that began on December 12 in a larger wave model completes a correctional model that has the wrong appearance.
Small-scale graphics:
On an interday scale, the price direction is set by the bearish wave of January 25th. Immediate support is at the upper edge of the potential reversal zone of the older TF. In the coming days, it is expected to roll back prices.
Forecast and recommendations:
In the short-term trend of the pound chart, there is a change in the motion vector. Supporters of Intraday can take advantage of the current market situation by opening sales in the area of calculated resistance.
Resistance zones:
- 1.2970 / 1.3020
Support areas:
- 1.2700 / 1.2650
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