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Wave counting analysis:
On January 30, the GBP / USD pair rose by 50 bp, presumably completing the construction of wave 4, as part of the future 3 uptrend trend. If the current wave counting is correct, then the increase in quotations will continue within wave 5 with targets located near the Fibonacci 127.2% level. Wave 4, at 4 at the moment looks fully equipped, a breakthrough of its minimum will lead to the need to clarify the wave pattern. The greatest doubts in the option with the increase is the lack of a specific and intelligible decision on the issue of Brexit s well as the preliminary refusal of the EU to conduct new negotiations with Britain. More so, Theresa May's parliament rejected the plan.
Shopping goals:
1,3297 - 127.2% Fibonacci
1.3367 - 127.2% Fibonacci
Sales targets:
1.2996 - 76.4% Fibonacci
1.2889 - 61.8% Fibonacci
General conclusions and trading recommendations:
The wave pattern assumes the construction of wave 5, 3. Thus, I expect the resumption of the increase and recommend buying the instrument with targets near the estimated level of 1.3397, which equals 127.2% Fibonacci . Breakthrough of the minimum of wave 4, in 3 will cancel the execution of the variant with the construction of an upward wave.
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