empty
 
 
17.10.2018 04:21 PM
Wave analysis of GBP / USD for October 17. The pound sterling is waiting for the results of the negotiations

This image is no longer relevant

Wave counting analysis:

In the course of trading on October 16, the GBP / USD pair added about 30 base points. However, the expected wave 2, 5, may become more complicated and take the 3-waveform. Also, the results of the Brexit negotiations will be of great importance for the pound sterling. If the negotiations end in nothing, it may cause sales of the pound, which will lead at least to a strong complication of wave 2, and as a maximum to the construction of a new downtrend trend. If the parties do agree on the terms, the current markup is likely to retain its integrity.

The objectives for the option with purchases:

1.3295 - 100.0% of Fibonacci

1.3397 - 127.2% of Fibonacci

The objectives for the option with sales:

1.2922 - 0.0% of Fibonacci

General conclusions and trading recommendations:

The GBP / USD currency pair continues to build the estimated wave 5 and the internal wave 2. However, since today and tomorrow, the market can receive an unexpected and important information on the results of the Brexit negotiations, an increase in the amplitude of trading is possible. Thus, I recommend reducing any transactions to the receipt of information on the results of the negotiations. After that, if you do not need to make adjustments to the current wave counting, I recommend sticking to the working version, which involves the construction of an upward trend section.

Chin Zhao,
Analytical expert of InstaForex
© 2007-2024
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback