Wave analysis of GBP / USD for December 4. The lack of optimistic news background plays against the pound

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Wave counting analysis:

During the trading session on December 3, the GBP / USD currency pair lost only about 25 basis points and broke through the minimum of the estimated wave b. Thus, the current wave marking is complicated and takes on a non-standard look. The minimum of the wave from the three-wave descending structure of the waves is not broken, nevertheless, the wave originating on November 7 can go beyond this minimum and complete its construction near it. Thus, despite the breakthrough of important support, the pair still retains the possibility of building an upward wave with targets located around 32 figures.

The objectives for the option with purchases:

1.2935 - 50.0% of Fibonacci

1.2991 - 38.2% of Fibonacci

1.3175 - 0.0% of 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 currency pair GBP / USD still retains the chances of building a rising wave. The wave structure, which takes its beginning on October 30, gets a very complex form, but this does not negate the option of building an upward wave from. First of all, now I recommend caution when opening any transactions. The breakthrough of the 100.0% Fibonacci level will significantly increase the chances of the pair to continue falling, at least to 26 figure.

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