Analysis of wave counting:
During the trades on September 10, the GBP / USD currency pair added about 100 percentage points and broke through a maximum of August 30. Thus, there are grounds for assuming a complication of the internal wave structure of the proposed wave 4, and even the entire wave counting. The wave pattern becomes entangled and time is needed to make the situation clear. Attempt to break the level of 200.0% of Fibonacci failed, which gives reason to expect the withdrawal of quotations from the achieved highs. At the same time, the breakthrough of this level will lead to further growth of quotations.
The objectives for the option with purchases:
1.3042 - 0.0% of Fibonacci retracement
1.3300 - 161.8% of Fibonacci (the senior grid)
The objectives for the option with sales:
1.2636 - 261.8% of Fibonacci (the highest grid)
1,2556 - 127.2% of Fibonacci retracement
General conclusions and trading recommendations:
The GBP / USD currency pair complicates the wave counting. The key level now is the level of 200.0% of Fibonacci. A successful breakout attempt will lead to a new growth of quotations with targets near the calculated mark of 1.3300, and to the complication of wave 4. Failure can return the pair to the execution of the working variant with a decrease with some additions. We are waiting for clarification of the situation.
The material has been provided by InstaForex Company - www.instaforex.com