Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

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Konstantin Boykachev

CEO Proforexea LLC

Honest Coder

Professional Trader

Blog Post

Wave analysis of GBP / USD for October 8. The pound counts on news help.

October 9, 2018 Analytics

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Wave counting analysis:

In the course of trading on October 5, the GBP / USD currency pair added another 100 base points and thus confirmed the transition to building the expected wave 5 of the uptrend trend. If this is true, then after a short pause, the increase in quotations will continue with the first goal, located near the level of 100.0% Fibonacci. The main thing is that the news background now supports just a pound sterling. If there is an adverse background, the market may buy the dollar again, which will lead to a change in the current wave counting.

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 currency pair GBP / USD has presumably shifted to building wave 5 of the uptrend trend. Thus, now I recommend buying a pair with the first targets located near the estimated marks of 1.3295 and 1.3397, which corresponds to 100.0% and 127.2% in Fibonacci. I recommend returning to sales only if the successful attempt to break through the level of 0.0% by Fibonacci, which will lead to the complication of the entire trend segment.

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

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