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16.04.201910:16 Forex Analysis & Reviews: Wave analysis of GBP / USD for April 16. Wave pattern can be very confusing.

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 16.04.2019 analysis

Wave counting analysis:

On April 15, the GBP / USD pair gained about 15 bp. Now, the instrument is trading near the top and forming a tapering triangle line. A successful attempt to break through this line under normal conditions would show the pair's readiness to further increase, but not now. The transfer of Brexit for at least six months became known which made the markets seem to have lost interest in the pair. Based on the current wave marking, the quotes continue to decline. However, I recommend considering this option as the main one if the tool makes a successful attempt to break through the level of 0.0% Fibonacci. Breaking the top of the line of the triangle will give only minimal support to the pound. Thus, with tool purchases, I recommend not to rush.

Purchase goals:

1.3350 - 100.0% Fibonacci

1.3454 - 127.2% Fibonacci

Sales targets:

1.2961 - 0.0% Fibonacci

General conclusions and trading recommendations:

Wave pattern still involves the construction of a downward trend. Markets, as before, cannot withdraw a pair from a triangle, therefore, trading takes place with a minimum amplitude. Accordingly, I recommend expecting the pair to exit the triangle. Unfortunately, even in the event of a breakthrough of the upper line of the triangle, a small amplitude of trades may remain. A stronger signal is needed for the breakthrough of the Fibonacci at 0.0% level.

Chin Zhao
Analytical expert of InstaForex
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