Wave counting analysis:
During the November 22 trading session, the GBP / USD currency pair rose by 100 basis points, thus confirming the transition to building the third wave of the uptrend trend with targets located near the 50.0% and 38.2% of the Fibonacci levels. As before, the future of the pair largely depends on the news background, which at any time can create pressure on the pound sterling, since there are too many unresolved questions concerning Brexit and Theresa May's future political career. As a result, wave C may turn out to be shortened, or even the whole part of the trend, taking its beginning on September 20, will require additions.
The objectives for the option with purchases:
1.2991 - 38.2% of Fibonacci
1.3175 - 0.0% of Fibonacci
The objectives for the option with sales:
1.2695 - 100.0% of Fibonacci
1.2637 - 261.8% of Fibonacci (senior grid)
General conclusions and trading recommendations:
The currency pair GBP / USD remains in the process of building an upward set of waves, but is still very reluctant. A successful attempt to break through the level of 100.0% according to Fibonacci would suggest the complication of the trend section dated September 20. But so far this has not happened, I recommend buying a pair in small volumes based on the construction of the third wave with targets located near the levels of 1.2934 and 1.2990.
The material has been provided by InstaForex Company -
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