Wave counting analysis:
During the October 29 trading session, the GBP / USD currency pair lost about 30 basis points and continues to decline today. Thus, the minimum of the wave c can be broken through in the coming hours, which, in turn, will lead to the complication of this wave. The unsuccessful attempt to break through the level of 127.2% Fibonacci indirectly indicates the pair's readiness for further decline. The goal is the level of 161.8% Fibonacci. Given the lack of a positive news background for the British currency, the wave c can take a much longer view than it has now.
The objectives for the option with purchases:
1.3258 - 0.0% of Fibonacci (formal goal)
1.3300 - 161.8% of Fibonacci (formal goal)
The objectives for the option with sales:
1.2718 - 161.8% of Fibonacci
1.2638 - 261.8% of Fibonacci (senior grid)
General conclusions and trading recommendations:
The currency pair GBP / USD keeps the downward mood. As before, the new sales of the pair are now quite risky, despite the fact that the news background remains in favor of the dollar, and the wave c can take a long look with targets located near the marks of 1.2718 and 1.2638. Already open sales can now be left open, for example, until an unsuccessful attempt to break through one of the target marks.
