07.05.201909:56 Forex Analysis & Reviews: Wave analysis of GBP / USD for May 7. Another three-wave structure?

Wave counting analysis:

On May 6, the GBP / USD pair lost about 75 bp, but is already growing again. Considering all the events taking place in the UK, it is somewhat strange to observe such an increase. Nevertheless, you can find a basis for the purchase of the tool, which does not fit in too much with the current wave marking. However, the entire wave counting in any case looks very non-standard. The pair moves mainly with three-wave structures. The trend itself is absent now. It is possible that the markets are now clinging to a straw, which may be the second Brexit referendum. It seems that this is almost the only chance for the pound to escape from new falls. The second referendum, unlike the actions of Theresa May, can finally end with the country's withdrawal from the European Union or by completely repealing the desire to leave the EU.

Purchase goals:

1.3182 - 61.8% Fibonacci

1,3259 - 76.4% Fibonacci

Sales targets:

1.2867 - 0.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern suggests a decline in the pair, but now a new upward trend has clearly begun. I do not recommend buying a pair, as the tool does not have news support, and there are constantly negative messages from the UK. I expect that the instrument increase will end near the calculated levels of 61.8% and 76.4% Fibonacci. I recommend to make an unsuccessful attempt to breakthrough one of these marks and plan new sales.