30.01.201909:22 Forex Analysis & Reviews: Simplified wave analysis of GBP / USD for January 30

Large-scale graphics:

The price of a pound major since April last year has a steady downward trend. The upper limit of the powerful support zone, from which the counter correction is formed, has been reached.

Medium scale graphics:

The bullish wave of December 12th, in the development process, exceeded the level of rollback of the last part of the trend (C), taking the place of the final segment in a larger upward wave model.

Small-scale graphics:

The bearish wave, which began on January 25, has a small wave level, insufficient for changing course. The price reached the lower limit of the potential reversal zone.

Forecast and recommendations:

The preliminary goal of the price rise has been achieved, but there are no signals of a quick change in direction on the chart. Before making a decision to enter the market, you must wait until the current correction is fully completed.

Resistance zones:

- 1.3180 / 1.3230

Support areas:

- 1.2770 / 1.2720

Explanatory notes for the figures: The simplified wave analysis uses waves consisting of 3 parts (A – B – C). The analysis uses 3 consecutive scale graph. Each of them analyzes the last, incomplete wave. Zones show calculated areas with the highest probability of reversal. The arrows indicate the wave marking by the method used by the author. The solid background shows the formed structure, the dotted - the expected movement.

Note: The wave algorithm does not take into account the duration of tool movements over time. To conduct a trade transaction, you need confirmation signals from the trading systems you use!