Wave counting analysis:
During the November 14 trading session, the GBP / USD currency pair gained about 20 basis points, but during the day, there was a very high market activity. The current wave counting assumes the continuation of the pair growth within the framework of wave 3, c, with minimal targets, located around 32 figures. But, as before, the news background can greatly affect the wave counting. If you begin to receive negative news on Brexit, it can return interest to the dollar and complicate the downward trend section and the entire wave marking.
The objectives for the option with purchases:
1.3092 - 76.4% of Fibonacci
1.3174 - 100.0% of Fibonacci
The objectives for the option with sales:
1.2826 - 0.0% of Fibonacci (formal goal)
General conclusions and trading recommendations:
The currency pair GBP / USD remains in the process of building an upward set of waves. Now, I expect to continue building a wave with targets that are near the estimated levels of 1.3092 and 1.3174, which corresponds to 76.4% and 100.0% of the Fibonacci. As before, I recommend you closely follow the news from the UK, as they can drastically change the mood of the market and, accordingly, the wave picture.
The material has been provided by InstaForex Company - www.instaforex.com