Wave counting analysis:
On January 9, the GBP / USD pair gained about 75 bp. Thus, wave 2, 3, or s takes a more complex form than originally intended. However, , the option of completing its construction and resuming the reduction of the instrument has not yet been canceled. Moreover, a successful attempt to break through the level of 0.0% by Fibonacci will indicate the readiness of the instrument to increase and will require clarification of the current wave marking. As before, the key date for the pound is January 15 – the day when a vote on the final version of Brexit is due to take place in the British Parliament.
1.2815 – 0.0% Fibonacci
1.2385 – 127.2% Fibonacci
1.2270 – 161.8% Fibonacci
General conclusions and trading recommendations:
The GBP / USD pair is in the process of completing the construction of wave 2, 3, or s. Thus, I still recommend cautious sales of a pair with targets that are around 25 figures, and lower in terms of building wave 3, 3, or c. I recommend going over to purchases only after canceling the execution of the working variant, that is, in case of a break of 1.2814.
The material has been provided by InstaForex Company – www.instaforex.com