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GBP/USD
Analysis:
In the dominant upward wave of the British pound since the end of July, a correction is formed in the form of a stretched plane. Analysis of its structure shows that it will soon be completed. The price is approaching the upper limit of a wide potential reversal zone.
Forecast:
Today, the pair's price is likely to move in the price corridor between the nearest counter zones. In the next session, you can expect the rate to grow in the area of the resistance zone. By the end of the day, the probability of a reversal and a second decline increases, with pressure on the support zone.
Potential reversal zones
Resistance:
- 1.2890/1.2920
Support:
- 1.2770/1.2740
Recommendations:
Trading the pound in the market today is possible only in small lots, within sessions. Until clear reversal signals appear, the priority is to sell the instrument. It is necessary to take into account the limited potential of the downward movement.
USD/JPY
Analysis:
The Japanese yen chart has been dominated by a downward wave since the end of March. The last section in the direction of the trend started on August 12. Over the past month, the price formed a flat correction within its framework. At the time of analysis, the final segment is missing. The pair's quotes are squeezed in a narrow corridor between strong counter zones.
Forecast:
The pair's sideways movement is expected to continue today. In the European session, you can expect a decline in the support area. By the end of the day, a change in the exchange rate and the beginning of price growth is likely. Breaking through the borders of control zones is unlikely today.
Potential reversal zones
Resistance:
- 106.40/106.70
Support:
- 105.80/105.50
Recommendations:
Trading the yen in the market today is possible within the intraday, according to the expected sequence. It is more reasonable to reduce the trading lot in transactions.
Explanation: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure, and the dotted background shows the expected movements.
Note: The wave algorithm does not take into account the duration of the instrument's movements in time!
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