Wave counting analysis:
On December 31, the GBP / USD pair added about 45 bp and, thus, resumed the construction of the proposed wave 2 or b.. The tool upturn may continue to levels of 50.0% and 61.8% Fibonacci, built on the size of the estimated wave 1 or a. Also, an unsuccessful attempt to break through the level of 50.0% may lead to the completion of wave 2 or b and the resumption of reduction of quotations and the construction of a downward trend. The news background in the first days of 2019 It's not a problem.
Shopping goals:
1.2825 - 50.0% Fibonacci
1.2908 - 61.8% Fibonacci
Sales targets:
1.2475 - 0.0% Fibonacci
1.2229 - 323.6% Fibonacci (senior grid)
General conclusions and trading recommendations:
The pair GBP / USD is unexpectedly resumed building the uptrend of the trend. Buying a tool, however, still carries increased risks, since the Brexit situation remains unresolved.The growth of the pound sterling looks groundless and the wave pattern implies the completion of the building of the rising wave in the near future. Thus, I recommend preparing for sales, if this option is not hampered by important and pound-positive Brexit information.
The material has been provided by InstaForex Company -
www.instaforex.com