Large-scale graphics:
The main vector of the price movement of the pound since April is directed downwards. The price has reached the upper limit of the large-scale support zone, from which it is worth waiting for oncoming traffic.
Medium scale graphics:
Starting from November 7, another wave began to form on the chart of the pair in the direction of the main trend. Completed the first part of the structure (A).
Small-scale graphics:
Rising wave from December 12 at a higher TF forms an intermediate correction. Estimated growth potential is close to completion.
Forecast and recommendations:
Long-term investment in tools is premature. Price entered a zone of high volatility. In the framework of intraday in the coming days will be a relevant sales tool.
Resistance zones:
- 1.2700 / 1.2750
Support areas:
- 1.2500 / 1.2450
Explanations for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For analysis, 3 consecutive graphs are used. 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.
Attention: 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!
