Review of GBP / USD pair for the week of August 9 via simplified wave analysis

The wave pattern of the H4 graph:

The descending wave of January 25 is not complete. Its wave level has already exceeded the scale of the chart under consideration of the pair.

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The wave pattern of the H1 graph:

In a higher wave model, the descending wave of April 17 forms the final part (C).

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The wave pattern of the M15 chart:

The direction of movement in the last few weeks is set by the downward wave of July 26. In the structure, there is a need for an upward rollback for correction.

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Recommended trading strategy:

Purchases are risky and only possible at the lowest timeframe. For sales on higher timeframes, it is recommended to sell the pair. You must wait until the rollback is completed.

Resistance zones:

– 1.3030 / 1.3080

Support zones:

– 1.2880 / 1.2830

Explanations to the figures:

A simplified wave analysis uses a simple waveform, in the form of a 3-part zigzag (ABC). The last incomplete wave for every timeframe is analyzed. Zones show the calculated areas with the greatest probability of a turn.

Arrows indicate the counting of wave according to the technique used by the author. The solid background shows the generated structure and the dotted exhibits the expected wave motion.

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

The material has been provided by InstaForex Company – www.instaforex.com