Wave analysis of GBP / USD for December 19. The results of the Fed meeting may return the instrument in a downward direction.
December 19, 2018 9:22 am
Wave counting analysis:
In the course of trading on December 18, the GBP / USD pair added about 15 bp more. Thus, wave 5 a, is still considered complete. If this is true, then the increase will continue with targets located near the 100.0% and 76.4% Fibonacci levels, within the framework of the three-wave correction structure (at a minimum). However, an unsuccessful attempt to break through the level of 100.0% also warns of the readiness of the instrument for a new decline. Contribution to the execution of this option may be the Fed meeting and the rate increase or new negative information on Brexit.
Shopping goals:
1.2696 – 100.0% Fibonacci
1.2807 – 76.4% Fibonacci
Sales targets:
1.2564 – 127.2% Fibonacci
1.2398 – 161.8% Fibonacci
General conclusions and trading recommendations:
In conclusion, the pair GBP / USD presumably began to build an upward set of waves while corrective. An unsuccessful attempt to break through 1.2696 may lead to its completion and the construction of a new downward trend. Thus, I recommend buying a tool after a successful attempt to break through the 1.2696 mark with targets located around 1.2807, which corresponds to 76.4% Fibonacci.
The material has been provided by InstaForex Company – www.instaforex.com
Wave counting analysis:
In the course of trading on December 18, the GBP / USD pair added about 15 bp more. Thus, wave 5 a, is still considered complete. If this is true, then the increase will continue with targets located near the 100.0% and 76.4% Fibonacci levels, within the framework of the three-wave correction structure (at a minimum). However, an unsuccessful attempt to break through the level of 100.0% also warns of the readiness of the instrument for a new decline. Contribution to the execution of this option may be the Fed meeting and the rate increase or new negative information on Brexit.
Shopping goals:
1.2696 – 100.0% Fibonacci
1.2807 – 76.4% Fibonacci
Sales targets:
1.2564 – 127.2% Fibonacci
1.2398 – 161.8% Fibonacci
General conclusions and trading recommendations:
In conclusion, the pair GBP / USD presumably began to build an upward set of waves while corrective. An unsuccessful attempt to break through 1.2696 may lead to its completion and the construction of a new downward trend. Thus, I recommend buying a tool after a successful attempt to break through the 1.2696 mark with targets located around 1.2807, which corresponds to 76.4% Fibonacci.
The material has been provided by InstaForex Company – www.instaforex.com
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