Wave analysis of GBP / USD for May 14. The Briton is confused.
May 14, 2019 1:23 pm
Wave counting analysis:
On May 13, the GBP / USD pair lost about 50 basis points. However, this did not affect the clarification of the current wave marking. Moreover, the wave pattern is completely confusing. If you look at the part of the trend that takes its start on February 27, then it is obvious that the very concept of a “trend” does not apply to it. Even internal correctional and impulse waves in the composition of more global waves look out of the box, and difficult. All this suggests a flat. Despite the fact that the pound sterling is still prone to decline due to the negative news background from the UK, I recommend first of all caution when trading in any direction. Any wave can now be interpreted differently, forecasts for more than one or two days should not be made.
Purchase goals:
1.3182 – 61.8% Fibonacci
1,3259 – 76.4% Fibonacci
Sales targets:
1.2867 – 0.0% Fibonacci
General conclusions and trading recommendations:
Wave picture suggests a continuation of the pair ‘s decline. Mostly negative messages continue to come from the UK, which may lead to new pound drops in the future. Thus, I now recommend selling the pair with targets around 1.2867, which corresponds to 0.0% Fibonacci.
The material has been provided by InstaForex Company – www.instaforex.com
Wave counting analysis:
On May 13, the GBP / USD pair lost about 50 basis points. However, this did not affect the clarification of the current wave marking. Moreover, the wave pattern is completely confusing. If you look at the part of the trend that takes its start on February 27, then it is obvious that the very concept of a “trend” does not apply to it. Even internal correctional and impulse waves in the composition of more global waves look out of the box, and difficult. All this suggests a flat. Despite the fact that the pound sterling is still prone to decline due to the negative news background from the UK, I recommend first of all caution when trading in any direction. Any wave can now be interpreted differently, forecasts for more than one or two days should not be made.
Purchase goals:
1.3182 – 61.8% Fibonacci
1,3259 – 76.4% Fibonacci
Sales targets:
1.2867 – 0.0% Fibonacci
General conclusions and trading recommendations:
Wave picture suggests a continuation of the pair ‘s decline. Mostly negative messages continue to come from the UK, which may lead to new pound drops in the future. Thus, I now recommend selling the pair with targets around 1.2867, which corresponds to 0.0% Fibonacci.
The material has been provided by InstaForex Company – www.instaforex.com
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