Wave marking analysis:
During the trades on August 1, the GBP/USD pair traded in a very narrow range with minimal changes in the price. The meeting of the Bank of England was held on Thursday, the market activity is expected to grow, which can lead to strong movements. Thus, Thursday can dot the "I". The pair remains inside the downward corridor and is unlikely to be able to leave it on the day. But, for example, the breakthrough of the low of the supposed wave 5, at 3, in a will lead to a complication of the descending section of the trend and the need to make adjustments to the current wave layout. Under conditions of minimal market activity, no changes or refinements can be added to the markup.
Targets for buying:
1,3301-161,8% Fibonacci (the highest Fibonacci grid)
Goals for sales:
1.2962 – 200.0% by Fibonacci
1,2809 – 261.8% Fibonacci retracement
General conclusions and trading recommendations:
The GBP/USD pair remains within the framework of building a downward trend segment, despite the fact that the wave 3, a supposedly completed its construction. The break of the upper generatrix of the downward corridor of the line will warn about the readiness of the instrument to build an upward trend segment. After that, it will be possible to consider the purchase of the pair, but after refining the wave marking. I recommend to resume the pair's sales after a successful attempt to break the low of July 19.The material has been provided by InstaForex Company - www.instaforex.com