Wave counting analysis:
During the November 7 trading session, the GBP / USD currency pair gained about 25 basis points more. However, it is not enough to assume the completion of an upward wave of the bases. Moreover, on October 30, the pair could start building a new uptrend trend, but its development will largely depend on the outcome of the Brexit negotiations. Thus, it can now be said that a pair can move practically in any direction and construct any wave formation. Thus, I recommend trading with this pair extremely carefully.
The objectives for the option with purchases:
1.3124 – 76.4% of Fibonacci
1.3256 – 100.0% of Fibonacci
The objectives for the option with sales:
1.2638 – 261.8% of Fibonacci (senior grid)
General conclusions and trading recommendations:
The currency pair GBP / USD remains in the process of building an upward wave. It is not yet clear to which wave structure this wave will relate, since there are several options at once. A sufficiently strong upward impulse suggests that the pair is ready to build a corrective downward wave, which can easily be transformed, with a negative news background for the pound, into a new downward set of waves.
The material has been provided by InstaForex Company – www.instaforex.com