GBP/USD pair
On the chart, the development of the rising wave of July 30 continues. Quotes of the British pound form the final phase of the wave since September 3. In the last week, the price runs in a narrow range, forming an intermediate correction. Its structure analysis does not show completeness at the moment.
Forecast:
An incomplete correction does not allow the pair to further move upward. At the next trading sessions, the completion of the current plane and a return to the main vector of movement is expected. It may look like a short-term drop in the price after the news release.
Recommendations:
Due to the likely increase in volatility when changing directions, pound sales can be very risky today. It is recommended to pay attention mainly in searching for signals to buy a tool.
Resistance Zones:
- 1.2460 / 1.2490
- 1.2370 / 1.2400
Support Areas:
- 1.2300 / 1.2270
USD/JPY pair
The short-term trend direction of the yen is set by the rising wave algorithm of August 6. In the last 3 weeks, the price has been rising, forming the final part (C).
Forecast:
At the next session, the end of the rollback started yesterday, is likely. In the afternoon, a change in the main rate and the beginning of price growth are expected.
Recommendations:
Yen sales today are unpromising due to the expected low potential for a down move. It is recommended to start tracking the pair for buy signals when the price reaches the support zone.
Resistance Zones:
- 108.50 / 108.80
Support Areas:
- 107.90 / 107.60
Explanations to the figures: The simplified wave analysis uses waves consisting of 3 parts (A-B-C). Each of these 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 and the dotted exhibits the expected movement.
Note: The wave algorithm does not take into account the duration of tool movements over time.
