Wave counting analysis:
During the November 13 trading session, the GBP / USD currency pair gained about 120 basis points. Thus, the likelihood that the descending wave b within the 3-wave upward structure is completed increases. If this is true, then the increase in quotations will continue with targets located near the 100.0% of the Fibonacci level. In the coming days, there should be new information on the progress of negotiations on Brexit and on the decision of the British parliament on whether or not Theresa May's conditions determine the legal relationship between London and Brussels after the official release of Britain from the EU. This information can greatly affect the current wave counting.
The objectives for the option with purchases:
1.3124 - 76.4% of Fibonacci
1.3256 - 100.0% of Fibonacci
The objectives for the option with sales:
1.2638 - 261.8% of Fibonacci (senior grid)
General conclusions and trading recommendations:
The currency pair GBP / USD remains in the process of building an upward set of waves. Now, I expect to continue raising the instrument within wave c and, accordingly, I recommend buying a pair with targets near the estimated level of 1.3356, which equals 100.0% of the Fibonacci. To prevent the execution of this option may be a news background regarding Brexit.
