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GBP / USD outlook for the current day
The direction of the pound sterling major pair is set by the downward wave algorithm of September 15. Analysis of its structure shows the formation of the middle part of the wave (B), which is approaching the final phase.
On December 1, the counter correction structure is monitored.
In the upcoming trading sessions, the downward price movement is expected to end. A turn is possible within the framework of the settlement support zone. A short-term breakout in teh lower limit is possible, but the chance of this to happen is small. An upward phase can be expected at the end of the day or tomorrow. A preliminary site for the completion of the current recovery is the local high in the area of the end of September schedule.
Boundaries of resistance zones:
- 1.3380 / 1.3410
Boundaries of support zones:
- 1.3290 / 60
USD / CAD review with current day forecast
At the 4-hour scale chart of the Canadian dollar major pair, the dominant direction is set by the rising wave of September 8. By the end of October, the price had reached a minimum settlement level and a counter motion is expected from here.
Within the scope of the potential reversal zone, the pair quotes formed a correctional figure "standard plane". The price increase began on December 5 and formed a section of a higher wave level on the chart. This means that the correction period has been completed. In the succeeding weeks, the price is waiting for a new section of the upward momentum.
In the upcoming trading sessions the probability of a flat with a descending vector is high. The lower boundary is the support zone. As the end of the day approaches, the volatility of the instrument is expected to rise and return to an upward price movement.
Boundaries of resistance zones:
- 1.2900 / 1.2930
Boundaries of support zones:
- 1.2810 / 1.2780
Explanations to the figures:
For simplified wave analysis, a simple waveform is used that combines 3 parts namely A, B, and C. All types of correction are created and most of the impulses can be found in these waves. Every time frame is considered and the last incomplete wave is analyzed.
The areas marked on the graphs indicate the probability of a change in the direction of motion has significantly increased as calculated in the areas. Arrows indicate the wave counting following the technique used by the author. A solid background of the arrows signifying the structure has been formed while the dotted one means the expected wave motion.
Attention: The wave algorithm does not take into account the duration of the movement of tools in time. The forecast is not a trading signal! To conduct a bargain, you need to confirm the signals used by your trading systems.
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