Wave counting analysis:
During the trading on December 24, the GBP / USD pair gained 90 bp. Thus, continued the construction of a corrective trend section and its internal wave c. More so, an unsuccessful attempt to break through the 38.2% level on the Fibonacci grid was constructed. This is according to the size of the proposed wave a which can lead to the resumption of the instrument decline and the construction of a new downward wave with targets located under the 25th figure. However, the corrective part of the trend is still very weak. The lack of a decision of the British Parliament on Brexit greatly hinders the tool to grow, even when the wave pattern implies growth.
Shopping goals:
1.2742 - 38.2% Fibonacci
1.2825 - 50.0% Fibonacci
Sales targets:
1.2475 - 0.0% Fibonacci
1.2229 - 323.6% Fibonacci (senior grid)
General conclusions and trading recommendations:
The pair GBP / USD may complete in the near future the construction of a 3-up structure. An unsuccessful attempt to break the 1.2742 mark will lead to a departure of quotes from the reached maximums and will indicate readiness for decline. In this case, I will recommend new sales of the pair with targets located near the estimated mark of 1.2475, which corresponds to 0.0% Fibonacci.
The material has been provided by InstaForex Company - www.instaforex.com