Wave pattern graphics H 4:
The algorithm of the short-term trend of the price of the pound major is set by the upward wave of August 15. In a larger design, it will become a correction.
Wave pattern graphics H1:
The rising wave of October 30 in the wave of the older TF has become the final part (C). The structure is completed testing of the middle part (B).
Wave pattern graphics M15:
The ascending segment of November 15 has a turning potential. The probability of a quick change in the direction of the inter-day trend is high.
Recommended trading strategy:
It is wiser for supporters of trading on large TFs to wait for the completion of the entire current correction. There may be successful purchases from the support area that is made in the inter-day style.
Resistance zones:
- 1.3220 / 1.3270
- 1.2960 / 1.3010
Support areas:
- 1.2750 / 1.2700
Explanations to 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