Wave analysis of GBP / USD for December 17. There are chances for growth, but Brexit can lead to a fall again at any time.


Wave counting analysis:

During the trading session on December 14, the GBP / USD currency pair fell by 65 basis points. At the same time, there is every reason to assume the completion of the construction of wave 5, a, as well. If this is true, then the increase in quotations will resume within the framework of the future wave b with targets located near the levels of 76.4% and 61.8% (to be refined after confirming the transition to building wave b). There is also a fairly high probability of complicating the downward trend, especially if the news background continues to put pressure on the pound sterling.

The objectives for the option with purchases:

1.2696 - 100.0% of Fibonacci

1.2807 - 76.4% of Fibonacci

The objectives for the option with sales:

1.2398 - 161.8% of Fibonacci

1.2218 - 200.0% of Fibonacci

General conclusions and trading recommendations:

The currency pair GBP / USD supposedly completed the construction of wave 5, a. A break of 1.2696, which corresponds to 100.0% of Fibonacci, will confirm the transition of the pair to the construction of the ascending wave b. In this case, I recommend buying an instrument in small volumes with targets located around 1.2807, which corresponds to 76.4% Fibonacci.

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