Wave analysis of GBP / USD for October 9. The news background still supports the pound, but how long will it last?


Wave counting analysis:

In the course of trading on October 8, the GBP / USD currency pair fell by several dozen points, while remaining presumably at the stage of building the wave 5 of the uptrend trend. If this is true, then the increase in quotations will continue with targets that are near 100.0% of the Fibonacci level, built on the size of wave 4, and higher. Breaking the minimum of the expected wave 4 will complicate the entire uptrend of the trend and will require adjustments to the current wave marking.

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 presumably continues to build wave 5 of the uptrend trend. Thus, now I recommend continuing 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. I recommend selling the pair only on condition of a successful attempt to break through the level of 0.0% according to Fibonacci, which will lead at least to the complication of the whole part of the trend.

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