GBP/USD
Analysis:
The upward wave of the British pound on July 30 is close to its end. The spurt of the end of last week by 5 price figures led the pair's quotes to the lower border of a powerful reversal zone of a large TF. The wave structure looks complete. The current decline on the small scale of the chart has a reversal potential.
Forecast:
The most likely scenario of the movement today will be the price shift in the box plane. In the first half of the day, a decline in the support zone is expected. After that, you can count on a turn and a second attempt to climb.
Potential reversal zones
Resistance:
- 1.2650/1.2680
Support:
- 1.2580/1.2550
Recommendations:
Sales of the pair today are unpromising. Until a clear reversal signal appears, it is recommended to focus on buying the instrument.
USD/JPY
Analysis:
The current bullish wave since August 5 comes at the end of a larger upward model of the Japanese yen. This calculation allows you to wait for the rise of at least 2 more figures to the minimum target level. In the structure of the wave on October 3, the final part (C) started.
Forecast:
"Sideways" is expected in the next sessions. A short-term decline is not excluded, no further than the settlement support. A return to the dominant rate is either likely at the end of the day or tomorrow.
Potential reversal zones
Resistance:
- 108.50/108.80
Support:
- 107.90/107.60
Recommendations:
The pair's sales are risky today. It is recommended to refrain from trading on the pair market during the pullback. At its end, it is suggested to look for signals to buy 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!