The ascending wave analysis of the major currency pound sterling, which began in 2017, indicates that the trend with a high potential has begun. As shown on its scale, the current wave is the same with the previous phase of decline. The result clearly shows that the current trend will lead the British currency to the values in the past five years. The calculation of the target area presents the 160th price figure as the lower boundary of the nearly completed zone.
After working off the medium-term hidden correction, the bullish movement became dominant again. In the nearest trading sessions, a short-term price reduction is still possible but we can further bet on the pair's growth rate without harm.
Boundaries of resistance zones:
- 1.4560 / 1.4610
Boundaries of support zones:
- 1.4220 / 1.4170
Explanations to the figures: For simplified wave analysis, the simplest type of wave is used in the form of a zigzag, combining 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. At each time frame, the last, incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas, where the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.
* The presented market analysis is informative and does not constitute a guide to the transaction.
