Wave analysis of the GBP/USD pair for October 1, 2013
October 1, 2013 10:15 amVideo
Latest News
- Video market update for May 09, 2024 May 9, 2024
- Analysis of EUR/USD pair on May 9th. Euro woke up after the Bank of England meeting May 9, 2024
- Analysis of GBP/USD pair on May 9th. Andrew Bailey did all he could May 9, 2024
- USD/JPY: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- GBP/USD: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- EUR/USD: Simple trading tips for novice traders for May 9th (US session) May 9, 2024
- Technical Analysis – GBPUSD retreats further after BoE’s decision May 9, 2024
- Technical Analysis – UK 100 index swings to all-time high May 9, 2024
- GBP/USD: trading plan for the US session on May 9th (analysis of morning deals). The pound continues to be held within the May 9, 2024
- EUR/USD: trading plan for the US session on May 9th (analysis of morning deals). The euro rebounded from 1.0726 May 9, 2024
- EUR/USD. May 9th. Bulls have exhausted their strength May 9, 2024
- GBP/USD. May 9th. Bulls fear Bailey’s “soft” rhetoric May 9, 2024
- Midweek Technical Look – EURUSD, Gold, US 500 May 9, 2024
- Technical Analysis – EURCHF flirts with uptrend line May 9, 2024
- Technical Analysis – EURGBP runs out of steam near 0.8600 May 9, 2024
- Forex forecast 05/09/2024: EUR/USD, GBP/USD, Oil and Bitcoin from Sebastian Seliga May 9, 2024
- USD/JPY: trading tips for beginners for European session on May 9 May 9, 2024
- Technical Analysis – USDJPY advances after bouncing off 50-day SMA May 9, 2024
- Market Comment – Pound slides ahead of Bank of England decision May 9, 2024
- Technical Analysis – NZDUSD bulls face strong resistance May 9, 2024
Wave analysis:
Despite the efforts, during yesterday’s trading session, the GBP/USD pair did not manage to reverse from the level corresponding to the previous week’s low (1.6160) and adding more than 70 points consolidated near the level of 1.6200. Meanwhile, due to the currency pair has moved to the stated prices, the high of September 18-19 may be regarded as the top of wave 3 in terms of upward trend, starting from the last days of August. If this assumption is correct, then it looks like the currency pair aims at testing the calculated targets placed near the level of figure 63.
Targets for down wave:
1.6051 – 161.8% of Fibonacci
1.5969 – 127.2% of Fibonacci
Targets for up wave:
1.6300
Summary and trading recommendations:
The British pound continues building of an uptrend; the corrections have been done to its structure. The increase of the quotes continues with the targets placed near figure 63 in terms of assumed wave 5 in 5. After the completion of downward wave or a series of waves with targets placed near 1.6051 and 1.5969, which is corresponding to 161.8% and 127.2% of Fibonacci. Upward channel preserves the perspectives of continuation of building of upward trend channel. The break of its lower forming line suggests that the currency pair is ready to build the down wave.
The material has been provided by InstaForex Company – www.instaforex.com
Related Posts: