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Wave analysis of GBP / USD for May 3. Bank of England has not given the markets food for thought

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Wave counting analysis:

On May 2, the GBP / USD pair lost 20 basis points only. Thus, there are grounds for assuming the completion of the upward correctional wave. However, for the time being, the deviation of quotes from the reached maximums is too small for an unequivocal conclusion. Moreover, the current wave structure still suggests a decline in the pair and the construction of a downward wave. Today, the execution of this option can help the news background. But only if reports from America do not become a disappointment for the market. In general, the news background is not on the side of the pound sterling, and this is a good help for the further decline of the instrument.

Purchase goals:

1.3118 - 61.8% Fibonacci

1.3168 - 50.0% Fibonacci

Sales targets:

1.2954 - 100.0% Fibonacci

1.2838 - 127.2% Fibonacci

General conclusions and trading recommendations:

The wave pattern still involves the construction of a downward trend. Now, I recommend selling the pair with targets located near the estimated marks of 1.2839 and 1.2693, which corresponds to 127.2% and 161.8% Fibonacci. On the other hand, the signal from the MACD indicated that the pair is prepared to build a descending wave, but doubts still remain. Sales, therefore, recommend cautious. Today, news from America will help determine the market with a trading strategy.

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