Wave counting analysis:
On February 26, the GBP / USD pair gained about 160 bp. Meanwhile, the market was overwhelmed with optimism about the possible postponement of the UK exit date from the European Union. Indeed, this is perhaps the best solution for both parties in the current situation. The extra time for negotiations will increase the chances that the parties will manage to come to an agreement so that the British Parliament approves this agreement. Unfortunately, yesterday's growth has demanded making adjustments to the wave marking. The whole uptrend of the trend has been transformed into an unusual 5 wave. But even with these changes, the construction of an upward wave is expected to be completed. However, if the news background will continue to support the pound, the fifth wave can take a very long look.
Shopping goals:
1.3333 - 127.2% Fibonacci
1.3489 - 161.8% Fibonacci
Sales targets:
1.2734 - 61.8% Fibonacci
1.2619 - 76.4% Fibonacci
General conclusions and trading recommendations:
The wave pattern still assumes the completion of the construction of the ascending wave and the transition to the construction of a downward set of waves. However, I now recommend waiting for a clear signal on the completion of the rising wave e, since the current news background and its interpretation by the market can continue to support the pound sterling.
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