FX.co ★ Overview of GBP / USD for the week of June 12 via simplified wave analysis

Wave picture of the chart H4:

The last major wave of January 25 is downward. The structure is fully formed, the proportions of all parts are achieved. The price of a potential reversal is reached at the price.

The wave pattern of the graph H1:

The wave of April 13 is bearish. The wave has reached the minimum elongation level.

The wave pattern of the M15 chart:

Since May 29, the bullish wave forms a correction. The wave is not complete. Within its framework, a downward pullback is forming in recent days.

Recommended trading strategy:

For all types of trading strategies, sales are not recommended because of their limited capacity. Signals for purchase are better to lie in the area of settlement support.

Resistance zones:

- 1.3540 / 1.3590

Support zones:

- 1.3230 / 1.3180

Explanations to the figures: In a simplified wave analysis, waves consisting of 3 parts (A-B-C) are used. In the analysis, 3 main TFs participate, on each one the last incomplete wave is analyzed. Zones show the calculated areas with the greatest probability of a turn.

Arrows indicate the wave counting according to the technique used by the author. The solid background shows the generated structure, the dotted - the expected movements.

Attention: The wave algorithm does not take into account the duration of the tool movements in time. To conduct a trade transaction, you need confirmation signals from your trading systems!