Wave analysis of GBP / USD for November 26. The pound can rise to 1.2950

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Wave counting analysis:

During the November 23 trading session, the GBP / USD currency pair lost 65 basis points, thus, the construction of the proposed wave C is questioned. At the moment, the trend section of November 15 takes a three-wave one, that is, a correctional form. If this is true, the decline in quotations will continue, and the entire wave picture will require adjustments. The pound sterling remains in the zone of turbulence due to the many unresolved issues associated with Brexit, which affects the wave pattern, which takes a very unusual look.

The objectives for the option with purchases:

1.2935 - 50.0% of Fibonacci

1.2991 - 38.2% of Fibonacci

1.3175 - 0.0% Fibonacci

The objectives for the option with sales:

1.2695 - 100.0% of Fibonacci

1.2637 - 261.8% of Fibonacci (senior grid)

General conclusions and trading recommendations:

The GBP / USD currency pair remains in the process of building an upward set of waves, but at any time the wave structure may take a more complex form. Thus, now I recommend trading very carefully and, if possible, only for a short time. An unsuccessful attempt to break through the level of 76.4% will indicate that the pair is ready to build a new upward wave with targets located near the level of 1.2935, which equates to 50.0% Fibonacci.

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