Wave analysis of GBP / USD for July 19. The fifth wave of the triangle continues its construction
Analysis of wave counting:
In the course of trading on July 18, the GBP / USD currency pair decreased by another 50 percentage points and, thus, continues to fully adhere to the main, working version of the development of events, which implies the construction of a downward wave 5, 3, a, with targets under the 30th figure. The wave 3, a, does not yet look fully equipped, and its internal wave 5 can take a rather long view. An unsuccessful attempt to break through the 1.2962 mark may lead to the withdrawal of quotations from the minimum reached and even the completion of the construction of the entire wave 3, a.
The objectives for the option with purchases:
1.3445 – 0.0% of Fibonacci (formal goal)
The objectives for the option with sales:
1.3054 – 161.8% of Fibonacci
1.2962 – 200.0% of Fibonacci
1.2809 – 261.8% of Fibonacci
General conclusions and trading recommendations:
The currency pair GBP / USD on July 19 continues the construction of wave 5, 3, a. Thus, I recommend that you stay in the pair’s sales with targets near the calculated mark of 1.2962, which is equivalent to 200.0% of Fibonacci, and possibly lower, about 1.2809. Until the completion of the entire wave of 3, I do not recommend buying a pair, since the entire wave 5, especially given the fundamental background in favor of the dollar, can take a rather long view.