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GBP/USD
Analysis:
In the short term, the direction of the trend of the British pound since the end of July is set by an upward wave. The price reached and pushed up the area of a potential reversal of a large scale. The hidden correction that began a week ago is not complete.
Forecast:
The break of the reversal zone indicates a continuation of the trend of the current wave. In the coming sessions, "sideways" is expected. It is possible to decrease to the support zone. By the end of the day, the probability of a return to the upward course increases, with the breakout of the nearest resistance.
Potential reversal zones
Resistance:
- 1.3000/1.3030
- 1.2890/1.2920
Support:
- 1.2810/1.2780
Recommendations:
The sale of the pound today is not very promising. In the area of the support zone, it is recommended to focus on the reversal signals to find an entry into long positions.
USD/JPY
Analysis:
The bullish wave of August 3 completes a larger upward pattern on the yen chart. The preliminary target of the current rise is around one and half-price figures. In recent days, the price corrects the last section of the wave.
Forecast:
The flat section is expected to be completed today. Before the turn and the beginning of the rise, a short-term puncture of the lower border of support is not excluded. The active phase of the movement is more likely at the end of the day or the beginning of the next trading week.
Potential reversal zones
Resistance:
- 109.20/109.50
Support:
- 108.50/108.20
Recommendations:
Sales today should be limited. In the support area, it is recommended to focus on the emerging signals of buying the instrument.
Explanations: In the simplified wave analysis (UVA), the waves consist of 3 parts (A-B-C). The last unfinished wave is analyzed. The solid background of the arrows shows the formed structure, dotted – the expected movement.
Attention: The wave algorithm does not take into account the length of time the tool moves!
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