The last unfinished wave model on the clock TF is the downward wave of March 13. It has a pronounced flat appearance, occupying the place of correction in a larger model. The structure of the wave completed the first 2 parts (A + B). From May 3, a downward section with a reversal potential is formed.
Forecast:
In the next trading sessions, the price of the pound will move up again to the area of the calculated reversal zone. When changing the course, there is a possibility of a short-term puncture of the lower border of the support zone.
Recommendations:
Pound sales are premature. In the next few sessions, it is recommended to either refrain from trading or reduce the lot when buying the instrument. At the same time, it is necessary to take into account the limited potential of price rise.
Resistance zones:
- 1.3180 / 1.3210
Support zones:
- 1.3060 / 1.3030
Explanations to the figures: Waves in the simplified wave analysis consist of 3 parts (A – B – C). The last unfinished wave is analyzed. Zones show areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the formed structure, the dotted ones are the expected movements.
Note: The wave algorithm does not take into account the duration of tool movements over time.
