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Wave analysis:
Neither indicators that reverser, nor test of the calculated targets cannot stop the break of the Pound. Thus, during Friday’s trading session the GBP/USD pair managed to grow 110 points more from the low of the Asian trading session reaching the level of 1.5885. Thus, current wave situation gives us prerequisites for assumption that the uptrend starting from August 28, 1.5430 takes more extended nature; in this regard the growth of the price after August 6 is probably its forming wave 3. If this assumption is correct then the target levels for this wave 3 are placed in the wide range from the Friday’s high up to the level of 1.5950.
Targets for down wave:
1.5801 – 100.0% of Fibonacci
Targets for up wave:
1.5950
Summary and trading recommendations:
The British pound continues complicating inner wave structure of the uptrend. If this assumption is correct, then the rise of the quotes continues with targets placed near the level of 1.5950 and higher. In terms of correctional down wave the decline of the quotes may start with targets placed near 1.5801, which is corresponding to 100.0% of Fibonacci. Taking into account the dynamics to stop the rise of the quotes will be very difficult, the bullish wave may get complex several times.
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