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 September 28. Wave 4 continues its construction

September 29, 2018 Analytics

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Analysis of wave counting:

During the trades on September 27, the GBP / USD currency pair declined by 90 percentage points and remained within the framework of building the expected wave c, 4. If this is true, the decline in quotations will continue with targets located near the 50.0% and 61.8% of Fibonacci levels built on the size of wave 3. An unsuccessful attempt to break through one of these marks can lead to the completion of the construction of wave 4 and the transition of the pair to the construction of a new ascending impulse wave.

The objectives for the option with purchases:

1.3301 – 161.8% of Fibonacci (the senior grid)

The objectives for the option with sales:

1.3041 – 50.0% of Fibonacci

1.2982 – 61.8% of Fibonacci retracement

General conclusions and trading recommendations:

The GBP / USD currency pair continues to build the estimated wave 4. The construction of the internal wave b is completed, so now I recommend selling the pair with targets near the marks of 1.3041 and 1.2982, based on the construction of wave c, 4. An unsuccessful attempt to break through can indicate the completion of wave 4, and in this case, I recommend closing sales and preparing for new purchases within the ascending wave 5.

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

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