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 pair for August 31. The pair is preparing for a new long fall

September 1, 2018 Analytics

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Analysis of wave counting:

During the trading session on August 30, the GBP / USD pair lost several points and fulfilled the level of 200.0% on the higher Fibonacci grid. An unsuccessful attempt to break this mark signals the readiness of the instrument to build a new downward wave and according to the current wave counting, it should be a wave of the 5th downward trend section. If this assumption is correct, the decline will start from current rates or after the second test of 200.0%, or 50.0% on a small Fibonacci grid.

Goals for shopping:

1.3068 – 50.0% Fibonacci retracement

1.3164 – 61.8% Fibonacci retracement

Goals for sales:

1.2636 – 261.8% by Fibonacci (the oldest Fibonacci grid)

1.2312 – 423.6% Fibonacci retracement

General conclusions and trading recommendations:

The GBP / USD pair remains within the framework of the 4th wave. Hence, I still recommend preparing the pair for sales and closing purchases. For a more confident opening of sales, recommend waiting for confirmation of the pair’s transition to the construction of a downward 5th wave. Another option is to open small sales volumes in a protective order above the 200.0% Fibonacci level, of which its breakout attempt failed.

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

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