12.09.201815:23 Forex Analysis & Reviews: Wave analysis of GBP / USD for September 12. Near the level of 1.3042, the fate of the pound

Analysis of wave counting:

During the trades on September 11, the GBP / USD currency pair did not add or reduce a single base point. An attempt to break the level of 200.0% by Fibonacci remains unsuccessful. Thus, this level remains the key for determining the further development of events, since the wave pattern now looks very confusing and ambiguous. Based on the current wave counting, it is more logical to reduce the pair within wave 5, a. However, the renewal of the high of August 30 casts doubt on this option, and the fundamental background can also have a big impact.

The objectives for the option with purchases:

1.3042 - 0.0% of Fibonacci retracement

1.3300 - 161.8% of Fibonacci (the senior grid)

The objectives for the option with sales:

1.2636 - 261.8% of Fibonacci (the highest grid)

1,2556 - 127.2% of Fibonacci retracement

General conclusions and trading recommendations:

The GBP / USD currency pair continues to complicate the wave counting. A successful attempt to break the 200.0% Fibonacci level will lead to a new growth of quotations with targets near the estimated level of 1.3300, which corresponds to 161.8% in the senior Fibonacci grid, and to the complication of wave 4. A failure can return the pair to the execution of the worker variant with a decrease with some refinements. We are still waiting for clarification of the situation.