Wave pattern on the H4 chart:
The direction of the short-term trend of the pound major pair sets the rising wave of August 15. It has a flat character of movement in the form of a standard plane.
Wave pattern on the H1 chart:
The bearish section of the schedule on September 20 is fully completed. It became a correction in the main model.
Wave pattern on the M15 chart:
The rise of the pair started on October 30 gave rise to the final part (C) on the H4 wave. The first 2 parts (A-B) are completed in the movement structure. In the near future possible, a short-term downward rollback of the price.
Recommended trading strategy:
Coming up for a week. For all trading styles, you need to look for entry signals in long positions.Resistance zones:
- 1.3220 / 1.3270
Support areas:
- 1.2950 / 1.2900
Explanations of the figures:
The simplified wave analysis uses waves consisting of 3 parts (A – B – C). For the analysis, three main TFs are used. On every last part, the incomplete wave is analyzed. 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 while the dotted shows 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!
The material has been provided by InstaForex Company - www.instaforex.com