Wave analysis of GBP / USD for October 31. The pound has nothing to oppose the US dollar


Wave counting analysis:

During the October 30 trading session, the GBP / USD currency pair lost about 80 basis points and continues to build a complex wave c. The internal wave structure of wave c with a five waveform with a clear elongation in wave 3. Thus, the current wave pattern implies a rather strong decline of the pair. A successful attempt to break through the 161.8% of the Fibonacci mark indicates that the pair is ready for a further fall. The lack of positive news on Brexit plays into the hands of the sellers of the British currency.

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:

1.2638 - 261.8% of Fibonacci (senior grid)

1.2592 - 200.0% of Fibonacci

General conclusions and trading recommendations:

The currency pair GBP / USD continues to build a bearish wave, which takes a very long look. As before, the new sales of the pair are now quite risky, despite the fact that the news background is clearly in favor of the currency of America, and the wave c has already assumed a rather complicated look. Nevertheless, the pair continues to decline with targets located near the marks of 1.2638 and 1.2592. Already open sales recommend keeping open, for example, until an unsuccessful attempt to break through one of the target marks.

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