Wave analysis GBP/USD for January 11, 2019

Wave counting analysis:

On January 10, the GBP / USD pair lost about 45 bp. Thus, wave 2, 3 or s takes a more complex form and does not go beyond the maximum of December 31, thus maintaining the integrity of the current wave marking and the instrument’s chances of a new decline within the expected wave 3, 3 or c. Based on this, I expect the resumption of reduction of quotations. However, the news background can make adjustments to the current wave marking. Today, there will be information about GDP in the UK and inflation in the United States which are quite important reports.

Shopping goals:

1.2815 – 0.0% Fibonacci

Sales targets:

1.2385 – 127.2% Fibonacci

1.2270 – 161.8% Fibonacci

General conclusions and trading recommendations:

The pair GBP / USD is still in the process of completing the construction of wave 2, 3, or c. I still recommend cautious sales of a pair with targets around 25, and below, based on building wave 3, 3, or c. I recommend going over to purchases only in case of a successful attempt to break through the mark of 1.2814, which will lead to complication of the current wave marking.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Wave analysis of GBP / USD for January 11. Reports from Britain and the United States may affect the wave pattern