Wave analysis of GBP / USD for November 7. The pound will require news support for further growth

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Wave counting analysis:

During the November 7 trading session, the GBP / USD currency pair gained about 60 basis points. The entire wave counting has undergone certain changes, since the rising wave, which takes its beginning on October 30, has acquired a very complex and lengthy form, which does not fit into the variant, which involves the construction of a 5-wave descending structure. Thus, the probability of building a new uptrend trend is now being considered. However, it is already clear that the pound will need information about the successful outcome of the Brexit negotiations in order to build an uptrend of the trend.

The objectives for the option with purchases:

1.3124 - 76.4% of Fibonacci

1,3256 - 100.0% of Fibonacci

The objectives for the option with sales:

1.2638 - 261.8% of Fibonacci (senior grid)

General conclusions and trading recommendations:

The currency pair GBP / USD continues to build an upward wave, which is now identified as the first in the new uptrend trend. Thus, now I recommend to stay in the pair with goals that are near the estimated levels of 1.3124 and 1.3256, which corresponds to 76.4% and 100.0% of Fibonacci, without losing sight of any information on Brexit, which is quite may cause a serious decline in the pair.

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