Wave analysis of GBP / USD for December 7. “Turbulence Zone” for Sterling
December 7, 2018 9:25 am
Wave counting analysis:
During the bidding on December 6, the GBP / USD pair added 50 bp, but remains within the framework of the construction of the proposed wave a of the new corrective set of waves. Wave and can complete its construction at any time. On December 11, a vote will be held in the British Parliament on Brexit, after which it will be known which way the pair will “watch” in the coming months. An unexpected decision by a parliamentarian can lead to even more complication of the current wave marking and the need to make additions.
Shopping goals:
1.2935 – 50.0% Fibonacci
1.2991 – 38.2% Fibonacci
1.3175 – 0.0% Fibonacci
Sales targets:
1.2637 – 261.8% Fibonacci (senior grid)
1.2566 – 127.2% Fibonacci
General conclusions and trading recommendations:
The pair GBP / USD continues to build the downward wave a. However, an unsuccessful attempt to break through the 1.2695 mark, which corresponds to 100.0% of Fibonacci, that indicates the pair’s readiness to build an internal correctional wave or not the readiness for a new fall. Thus, I do not recommend selling a pair before breaking through this level. Until December 11, I recommend to conduct extremely cautious trading, since the pound may be in the “zone of turbulence” until this date.
The material has been provided by InstaForex Company – www.instaforex.com
Wave counting analysis:
During the bidding on December 6, the GBP / USD pair added 50 bp, but remains within the framework of the construction of the proposed wave a of the new corrective set of waves. Wave and can complete its construction at any time. On December 11, a vote will be held in the British Parliament on Brexit, after which it will be known which way the pair will “watch” in the coming months. An unexpected decision by a parliamentarian can lead to even more complication of the current wave marking and the need to make additions.
Shopping goals:
1.2935 – 50.0% Fibonacci
1.2991 – 38.2% Fibonacci
1.3175 – 0.0% Fibonacci
Sales targets:
1.2637 – 261.8% Fibonacci (senior grid)
1.2566 – 127.2% Fibonacci
General conclusions and trading recommendations:
The pair GBP / USD continues to build the downward wave a. However, an unsuccessful attempt to break through the 1.2695 mark, which corresponds to 100.0% of Fibonacci, that indicates the pair’s readiness to build an internal correctional wave or not the readiness for a new fall. Thus, I do not recommend selling a pair before breaking through this level. Until December 11, I recommend to conduct extremely cautious trading, since the pound may be in the “zone of turbulence” until this date.
The material has been provided by InstaForex Company – www.instaforex.com
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