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Analysis of GBP/USD. August 24. G7 meeting on Afghanistan to be held today


The wave counting for the pound/dollar pair still looks quite integral at this time. Despite the fact that the supposed b wave turned out to be too deep, it still does not break the wave counting. Retreating from the previously reached lows by 130 basis points indicates that this wave may already be completed, and if this assumption is correct, then the quotes will continue to rise with targets located between the high of wave a of the current, upward trend section and the level of 0.0 % by Fibonacci, where the construction of the previous upward trend section was completed. Thus, the markets can still build a three-wave upward structure, although an impulse structure is now out of the question. It will be possible to talk about an impulse five-wave part of the trend but only when there has been a successful attempt to break through the level of 1.4239. But a successful attempt to break through the lows of waves b and e will indicate that the markets are going to continue to put pressure on the instrument, as a result of which it may continue to decline, and the entire wave counting will require adjustments and additions. This scenario is possible, from my point of view, only if the dollar receives strong support from the news background.

The pound/dollar pair was reluctantly moving on Tuesday. Magnitude of the day only reached 26 points. This is very little for the pound. On the other hand, there was no news background today. In the morning, Sylvanas Tenreiro, the representative of the Bank of England, was supposed to speak, but all the key movements of the day took place even before this event started. In addition, the markets are paying more attention to the speeches of Prime Minister Boris Johnson or BoE Governor Andrew Bailey. Tonight, by the way, the negotiations organized by Boris Johnson among the G7 countries will take place. The UK government is very concerned about the current situation in Afghanistan and believes that all Afghans who may be affected by the Taliban should be able to leave the country. Thus, in the evening the issue of evacuation of all comers from Afghanistan will be discussed. Let me remind you that the authorities of Great Britain and the United States decided to withdraw their troops from Afghanistan, which immediately led to a change of power within the country and the capture of all major cities by the Taliban. "We must prevent a humanitarian crisis and support the Afghan people so that the achievements of the past 20 years are not in vain," said Boris Johnson. Earlier, Johnson has already held talks on this issue with US President Joe Biden.

The wave pattern is now more or less clear. I still expect to build an upward wave, so at this time I propose to consider buying the instrument for each MACD signal "up" with targets located around 1.4000 (the first target). The instrument has supposedly completed the construction of the downward wave b and is ready to rise.


The upward part of the trend, which began to be built a couple of months ago, has taken on a rather ambiguous form and has already been completed. The new part of the trend may acquire an impulsive form, its first wave acquired a rather extended form and exceeded the peaks of waves b and d. The chances of another strong increase in quotes are growing. If the news background does not interfere, then quotes should continue to rise in the near future.

The material has been provided by InstaForex Company -