GBP/USD
Analysis:
Throughout the previous month, the price of the British pound was moving down. In the structure of a larger wave, the section became a correction. The price has reached a strong potential reversal zone. Signals of a rate change on the chart have not yet been observed.
Forecast:
Today, the most likely scenario is the movement of the pair in the lateral plane. In the first half of the day, an attempt to put pressure on the support is not excluded. After that, it is expected to change the vector and the price rise to the upper border of the price corridor.
Potential reversal zones
Resistance:
- 1.2260/1.2290
Support:
- 1.2200/1.2170
Recommendations:
Selling the pound today is premature. You need to wait for the completion of the upcoming rollback up. At its end, it is recommended to monitor the signals of the pair's sale. Purchases are possible, but with a reduced lot as part of an intraday.
USD/JPY
Analysis:
The direction of the short-term trend of the Japanese yen since the end of August is set by an upward wave. A correction has been forming in it in recent weeks. The bullish movement of October 3 has a high wave level and can both complicate the correction and give rise to an upward wave.
Forecast:
Today, growth is expected to continue until the completion of the entire recovery. At the next session, a short-term decline is not ruled out. By the end of the day, the probability of a reversal and a price move down increases.
Potential reversal zones
Resistance:
- 107.90/108.20
Support:
- 107.20/106.90
Recommendations:
Purchases are risky, possible only in the next session. In the area of the calculated resistance, it is recommended to track the signals of a rate change in order to search for points of sale of the pair.
Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. The solid background of the arrows shows the formed structure, dotted – the expected movement.
Attention: The wave algorithm does not take into account the length of time the tool moves!
