Wave analysis of GBP / USD for October 10. The pound continues to follow the current wave marking

analytics5bbdaaa75a2a7.png

Wave counting analysis:

During the trading on October 9, the GBP / USD currency pair gained about 55 base points and, thus, continues to build the estimated wave 5 of the uptrend trend with the minimum goal located near the level of 100.0% Fibonacci. News support for the pound does not have, so any negative, associated with the negotiations on Brexit, can lead to the construction of a new descending wave, which can break all the current markup. However, until this happens, the increase in quotes remains the working variant.

The objectives for the option with purchases:

1.3295 - 100.0% of Fibonacci

1.3397 - 127.2% of Fibonacci

The objectives for the option with sales:

1.2922 - 0.0% of Fibonacci

General conclusions and trading recommendations:

The currency pair GBP / USD continues to build the expected wave 5 of the uptrend trend. Thus, now I recommend to continue to buy a pair with targets located near the estimated marks of 1.3295 and 1.3397, which corresponds to 100.0% and 127.2% in Fibonacci. There are no grounds for selling the pair now, neither fundamental nor wave.

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