Wave counting analysis:
On April 22, the GBP / USD currency pair continued a slow decline to the Fibonacci level of 0.0%. Yesterday, the amount of loss for the pair was only 15 basic points. Based on this, there is no need to make any changes to the current wave marking. Although for the trend section, taking its start looks out of the box. Nevertheless, the instrument remains within a narrowing triangle, which is now forming a trend for the pair. The news background of the couple is now completely absent. No news on Brexit has been received in recent days. There was information that Theresa May resigned, but such information appeared in the past six months at least 5 times and each time, the premier remained in her chair.
Purchase goals:
1.3350 - 100.0% Fibonacci
1.3454 - 127.2% Fibonacci
Sales targets:
1.2961 - 0.0% Fibonacci
General conclusions and trading recommendations:
Wave pattern still involves the construction of a downward trend. And the markets still keep the pair in a triangle; therefore, the trades are held with a small amplitude. Accordingly, I recommend expecting a pair out of the triangle to determine the market mood in the near future. A successful attempt to break the 0.0% mark on Fibonacci will be a strong signal to sell the pair GBP / USD.
The material has been provided by InstaForex Company - www.instaforex.com