Wave counting analysis:
In the course of trading on December 20, the GBP / USD pair gained about 50 bp. However, the two attempts to break through the level of 100.0% in Fibonacci failed. Thus, there is reason to assume the completion of the upward correctional structure around the level of 100.0%. In the case of a breakthrough of this level, the correctional structure can take on a more complex and extended appearance. Otherwise, the tool may resume building a downtrend trend. News background still does not support pound sterling.
Shopping goals:
1.2696 - 100.0% Fibonacci
1.2807 - 76.4% Fibonacci
Sales targets:
1.2564 - 127.2% Fibonacci
1.2398 - 161.8% Fibonacci
General conclusions and trading recommendations:
A pair of GBP / USD can complete the construction of a three-wave structure. Only a successful attempt to break through the level of 100.0% will indicate a couple's readiness to continue growth, and I will recommend new purchases with targets located near the 1.2807 mark, which equals 76.4% Fibonacci. Otherwise, the pair may start building a new downward wave.
The material has been provided by InstaForex Company -
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