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GBP/USD
The bullish wave of the pound from September 3 continues to develop. It completes a larger wave. It has a pulsed appearance, which is why all oncoming movements are minimal in size. The price approached the intermediate resistance zone.
Forecast:
Today, the price of the pound is sure to stall its course, forming a "sideways". The scope of the decline is limited by the estimated support. Further, a turn and an upward move are expected. A short breakthrough of its lower border is not ruled out when the course changes.
Recommendations:
Supporters of intra-session trading have the opportunity to sell the pound. A lot is better to reduce. The best trading tactic is to search for entry points to buy in the support area.
Resistance zone:
- 1.2580/1.2610
Support zone:
- 1.2510/1.2880
USD/JPY
The upward wave of August 6 continues to set the dominant course of the Japanese yen. From strong resistance, the price rolled back down. The basis for a new upward leap is being formed.
Forecast:
In the coming sessions, it is expected to complete the current decline in the last days. The reversal is likely within the support zone. The active phase of the rise can be expected by the end of the day or at the beginning of the next trading day.
Recommendations:
Sales of the pair today are unpromising. It is recommended to monitor the reversal signals to find the optimal entry points into long positions.
Resistance zone:
- 108.50/108.80
Support zone:
- 107.80/107.50
Explanations to figures: Waves in the simplified wave analysis (UVA) consist of 3 parts (A-B-C). The last, incomplete wave is analyzed. Zones show the areas with the highest probability of reversal. The arrows indicate the wave marking according to the method used by the author, the solid background is the structure formed, the dotted one is the expected movements.
Attention: The wave algorithm does not take into account the length of time the instrument moves.
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