GBP/USD
Analysis:
The wave level of the bullish section from September 9 on the British pound chart exceeded the corrective size of the previous bearish wave. Hence, this was the beginning of the final part of the main trend. Quotes have reached the lower limit of a wide zone of a potential reversal of a large TF. The downward movement that started 2 days ago has a reversal potential.
Forecast:
In the next 24 hours, conditions are expected to form for the start of a bearish correction. In the first half of the day, prices are likely to move between the nearest zones with an upward vector. By the end of the day, you can expect a reversal and the price will move down.
Potential reversal zones
Resistance:
- 1.3160/1.3190
Support:
- 1.3070/1.3040
- 1.2960/1.2930
Recommendations:
Trading on the pound market is only possible within the intraday reduced lot. When purchasing, you should take into account the limited potential for price growth. Sales of the instrument are more promising.
USD/JPY
Analysis:
The last incomplete wave of the Japanese yen for today belongs to the hourly timeframe and counts down from September 21. The structure clearly shows the first parts (A-B). The price has reached a large-scale support zone. The price rise from October 21 has a reversal potential.
Forecast:
In the coming days, the pair is expected to move between the nearest counter zones. In the European session, the price will likely finish moving down, turn around and start climbing. The growth of the exchange rate today is likely no further than the calculated resistance.
Potential reversal zones
Resistance:
- 105.20/105.50
Support:
- 104.50/104.20
Recommendations:
Today, trades are only possible during trading sessions with a reduced lot. The priority of purchase. Sales will only be possible after the entire current upswing is completed.
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 the arrows shows the formed structure, and the dotted background shows the expected movements.
Note: the wave algorithm does not take into account the duration of the instrument's movements in time!
