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GBP/USD
Analysis:
In the last 4 months, the main driving force of the British pound has been an upward wave. It has a high wave level and is not completed. Since mid-October, the price forms a correction. It has entered the final phase.
Forecast:
Today, the current decline is expected to continue in the last days. In the first half of the day, short-term pullbacks are not excluded. Given the incompleteness of the correct structure, the probability of breaking the nearest support and further depreciation is high.
Potential reversal zones
Resistance:
- 1.2950/1.2980
Support:
- 1.2890/1.2860
- 1.2810/1.2780
Recommendations:
Buying the pound today is premature. At the ends of rollbacks, it is recommended to pay attention to the search for signals of selling the pair.
USD/JPY
Analysis:
In the dominant medium-term wave of the Japanese yen since the beginning of August, the final part of the structure is developing. On November 1, a new section in the main direction started. In the past 2 weeks, the price was adjusted, preparing the basis for further growth.
Forecast:
Today, the probability of completing the current price decline is high. When forming a reversal, a short-term breakthrough of the lower boundaries of the support zone is not excluded. The beginning of the growth phase of the rate can be expected by the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 108.90/109.20
Support:
- 108.30/108.00
Recommendations:
When selling today, it is worth considering the low expected downside potential. It is recommended that the main attention be paid to the search for reversal signals and points of purchase of the pair.
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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