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Review and forecast for GBP / USD
The major currency British pound continues to restore its lost positions over the past years. In the middle of last month, the price of the GBP/USD pair broke the upper limit of the potential reversal zone. The structure of the downward wave that began earlier was broken. The current trend wave began a new stage of extension. The preliminary calculation of the nearest target indicates a price benchmark in 6th price figures from the current rate.
The final wave counts on November 9 last year. A week ago, the pair price began a downward correction. The structure of the downward wave is in the formation stage. The preliminary target zone is located in the area of the 139th price figure.
In the next trading sessions, the completion of the current price increase in the last days is expected. In the morning, a short-term decline in the pair's rate is not excluded. The change in the direction of the intersessional trend and the reduction of quotations down is expected on the next trading days.
Boundaries of resistance zones:
- 1.4240 / 70
Boundaries of support zones:
- 1.4140 / 10
Review and forecast for USD / CAD
On the daily scale price chart of the major pair US dollar and the Canadian dollar since January 2016 indicates that the main direction is set by the downward wave.
Its structure is in the process of formation. Since last May, the final preparation of the final part of the wave (C) has begun.
On a lower scale, the last wave is counted from the end of October. A preliminary estimate period of the current decline indicates a benchmark of 1.22. The zone around this level can push higher to a counter correction or at least an intermediate stop of the decline.
Today, the price is expected at the sideways trend at the next session. Dynamic fluctuations can be felt in the second half of the day. The period of decline may move in time for the next trading day.
Boundaries of resistance zones:
- 1.2320 / 50
Boundaries of support zones:
- 1.2220 / 1.2190
Explanations to the figures: For simplified wave analysis, the simplest type of wave is used in the form of a zigzag, combining 3 parts (A; B; C). Of these waves, all kinds of correction are composed and most of the impulses. At each time frame, the last, incomplete wave is analyzed.
The areas marked on the graphs are indicated by the calculation areas, where the probability of a change in the direction of motion is significantly increased. Arrows indicate the wave counting according to the technique used by the author. The solid background of the arrows indicates the structure formed, the dotted one indicates the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the tool movements in time. The forecast is not a trading signal! To conduct a trade transaction, you need to confirm the signals of your trading systems.
* The presented market analysis is informative and does not constitute a guide to the transaction.
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