Wave analysis of GBP / USD for January 9. The pair is ready to build a descending wave 3


Wave counting analysis:

On January 8, the pair lost about 75 bp. Thus, we have a reason to assume the completion of the construction of wave 2, in the future 3, or from the downward trend section. If this assumption is true, then from the current position, the pair will continue to decline with targets located under the 25th figure. More so, a successful attempt to break through the level of 0.0% by Fibonacci will indicate that the pair is ready for an increase and will require adjustments and additions to the current wave marking.

Shopping goals:

1.2815 - 0.0% Fibonacci

Sales targets:

1.2385 - 127.2% Fibonacci

1.2270 - 161.8% Fibonacci

General conclusions and trading recommendations:

The GBP / USD pair has presumably completed wave 2, 3, or c. Thus, I still recommend cautious sales of the pair with targets around 25 and below. I recommend going over to purchases only after canceling the execution of the working variant, that is, in case of a break of 1.2814.

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