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Wave analysis of GBP / USD for September 27. The pound is ready for a new fall

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Analysis of wave counting:

During the trades on September 26, the GBP / USD currency pair lost several points, but the general withdrawal of quotes from the previously achieved highs allows to assume the completion of the internal corrective wave b in the assumed 4. If this assumption is true, then the quotes decrease will continue with targets near the levels of 50.0% and 61.8% of Fibonacci. There are no grounds to suppose the complication of wave 3 now. Wave 4 assumes a pronounced 3-wave structure.

The objectives for the option with purchases:

1.3301 - 161.8% of Fibonacci (the senior grid)

The objectives for the option with sales:

1.3041 - 50.0% of Fibonacci

1.2982 - 61.8% of Fibonacci retracement

General conclusions and trading recommendations:

The GBP / USD currency pair continues to build the proposed corrective wave 4. The rollback to the top is completed, so now I recommend selling the pair with targets near the marks of 1.3041 and 1.2982 counting on the construction of wave c, 4. A failed attempt to break one of the marks will indicate the readiness of the pair to build a new upward wave with targets above the 33 figure.

The material has been provided by InstaForex Company - www.instaforex.com