06.03.201808:10 Forex Analysis & Reviews: Trade review of GBP / USD pair for March 6 by simplified wave analysis

The major British currency pair direction of price movement is set by an upward trend since October 2016. The wave has a sufficiently high potential to go beyond the correction of the previous bear plot.

At the end of the ascending section, an intermediate correctional structure is formed from January 25. It manifests itself in the form of a descending flat channel. The upper limit of the preliminary completion zone is approximately in 2 price figures below the current price at the time of the analysis of the exchange rate.

Today, the scenario will most likely be the rise in the quotations of the pair. The resistance zone demonstrates its completion most likely in this area. Further from this zone, you can count on a turn and return to the descending rate of traffic.

Boundaries of resistance zones:

- 1.3930 / 60

Boundaries of support zones:

- 1.3830 / 1.3800

Explanations of 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.