Wave analysis of GBP / USD for October 29. The pound does not prevent anything from falling


Wave counting analysis:

In the course of trading on October 26, the GBP / USD currency pair added just a few points. Thus, the pair presumably remains at the stage of constructing wave c as part of the three wave correction structure. As before, the news background will have a great influence on the market behavior. Still an unresolved question on Brexit may for a long time force the market to sell the pound sterling, which can lead to a complication of the downward trend. Brexit news may come unexpectedly.

The objectives for the option with purchases:

1.3258 - 0.0% of Fibonacci (formal goal)

1.3300 - 161.8% of Fibonacci (formal goal)

The objectives for the option with sales:

1.2718 - 161.8% of Fibonacci

1.2638 - 261.8% of Fibonacci (senior grid)

General conclusions and trading recommendations:

The currency pair GBP / USD keeps the downward mood. As before, the new sales of the pair are now quite risky, despite the fact that the news background is supported by the US dollar. Between the levels of 127.2% and 161.8%, the wave c can complete its construction. Thus, now I do not recommend new sales of the pair, but the purchases are not justified now, since there is no confirmation of the completion of wave c.

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