GBP/USD
Analysis:
The direction of the short-term trend of the British pound is set by the algorithm of the rising wave from March 18. The current downward section from June 10 exceeded the level of the pullback. It completes the correction model of the entire current wave.
Forecast:
In the coming trading sessions, a general sideways vector of price movement is expected. After pressure on the resistance zone, there is a high probability of a reversal and a return to the bearish rate.
Potential reversal zones
Resistance:
- 1.2450/1.2480
Support:
- 1.2370/1.2340
Recommendations:
Purchases of the pound today can be quite risky. In the area of the calculated resistance, it is recommended to track reversal signals for entering short positions.
Analysis:
The direction of the long-term trend is set by the rising wave of the daily scale from March 19. The short-term trend rate forms a corrective movement from June 2. The wave is formed in the lateral plane. Its structure is not complete at the time of analysis.
Forecast:
Today, we can expect the pair's price to continue moving in the side corridor, between the nearest counter zones. A break through the upper limit of resistance is unlikely. You can expect the exchange rate to change and the price to go down by the end of the day.
Potential reversal zones
Resistance:
- 0.6890/0.6920
Support:
- 0.6820/0.6790
Recommendations:
Trading on the pair's market today is only possible within the intraday framework. The priority is the sale of the instrument. It is more reasonable to reduce the lot in transactions.
Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of arrows shows the formed structure, and the dotted ones the expected movements.
Note: The wave algorithm does not take into account the duration of the tool movements in time!
