Wave counting analysis:
On January 25, GBP / USD rose 140 basis points and the current wave counting has not changed. In the supposed wave 3, the elongation and the internal 5 wave structure are already visible. Tomorrow the next Brexit vote should take place in the UK Parliament, and this event may affect the wave picture of the instrument, so you should be ready for everything. One way or another, but the wave structure of the uptrend of the trend does not look complete.
The objectives for the option with purchases:
1.3297 - 127.2% of Fibonacci
1.3367 - 127.2% of Fibonacci
The objectives for the option with sales:
1.2996 - 76.4% of Fibonacci
1.2889 - 61.8% of Fibonacci
General conclusions and trading recommendations:
The wave pattern implies the construction of 5 internal waves in composition 3. Now I recommend buying with targets located near the estimated levels of 1.3297 and 1.3367, which corresponds to 127.2% and 127.2% of Fibonacci since the estimated wave 3 looks fully stocked.
The material has been provided by InstaForex Company - www.instaforex.com