Yesterday the pair started the day with the growth towards the figure 61. Thus, showing that the pair is ready to resume the uptrend. Meanwhile, the current position of MACD points this possibility. If it is true, the wave structure of this uptrend will be more complex. At the same time, until the price consolidates above the level of 1.6160, there is the possibility of formation of continuous downward correction.
Targets for down wave:
1.5881 – 38.2% of Fibonacci
1.5795 – 50.0% of Fibonacci
Targets for up wave:
1.6142 – 200.0% of Fibonacci
1.6300
Summary and trading recommendations:
It looks like the British pound has completed building of uptrend, which looks completed. If the uptrend becomes more complex, then the rise of the quotes will continue with targets placed near the level of 1.6142, which is corresponding to 200.0% of Fibonacci. If the attempt fails, then towards the figure 63. Unsuccessful attempt of breaking the level of 1.6142 (no.1) suggests that the pair is ready to build a down wave or a series of waves placed near the calculated levels 1.5881 and 1.5795, which is corresponding to 38.2% and 50.0% of Fibonacci. MACD convergence warns that the pair is ready to build new upward wave.
The material has been provided by InstaForex Company – www.instaforex.com
Wave analysis:
Yesterday the pair started the day with the growth towards the figure 61. Thus, showing that the pair is ready to resume the uptrend. Meanwhile, the current position of MACD points this possibility. If it is true, the wave structure of this uptrend will be more complex. At the same time, until the price consolidates above the level of 1.6160, there is the possibility of formation of continuous downward correction.
Targets for down wave:
1.5881 – 38.2% of Fibonacci
1.5795 – 50.0% of Fibonacci
Targets for up wave:
1.6142 – 200.0% of Fibonacci
1.6300
Summary and trading recommendations:
It looks like the British pound has completed building of uptrend, which looks completed. If the uptrend becomes more complex, then the rise of the quotes will continue with targets placed near the level of 1.6142, which is corresponding to 200.0% of Fibonacci. If the attempt fails, then towards the figure 63. Unsuccessful attempt of breaking the level of 1.6142 (no.1) suggests that the pair is ready to build a down wave or a series of waves placed near the calculated levels 1.5881 and 1.5795, which is corresponding to 38.2% and 50.0% of Fibonacci. MACD convergence warns that the pair is ready to build new upward wave.
The material has been provided by InstaForex Company – www.instaforex.com
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