On December 25, the currency markets were closed, therefore, the GBP / USD pair did not gain and did not lose a single point. At the same time, the instrument continues to be within the framework of the construction of an uptrend trend, presumably as part of wave 2 or b. If this is true, then an unsuccessful attempt to break through the 38.2% Fibonacci grid built on the size of the first wave can lead to its completion and the resumption of the decline with targets under the 25th figure.
The objectives for the option with purchases:
1.2742 - 38.2% of Fibonacci
1.2825 - 50.0% of Fibonacci
The objectives for the option with sales:
1.2475 - 0.0% of Fibonacci
1.2229 - 323.6% of Fibonacci (senior grid)
General conclusions and trading recommendations:
The pair GBP / USD may complete in the near future the construction of 3 ascending structure. An unsuccessful attempt to break through the mark of 1.2742 will indicate the pair's readiness for a new decline, and I will recommend new sales within the expected wave 3 or with targets located below the 25th figure.
The material has been provided by InstaForex Company - www.instaforex.com