Wave counting analysis:
During the November 27 trading session, the GBP / USD currency pair fell by 70 basis points to the minimum of the expected wave b. An unsuccessful attempt to break the mark of 1.2724 led to a departure of quotes from the lows reached. But now, the pound will need a positive news background to build on success. The chances are still more on the complication of the downward trend. However, the current wave counting still suggests the construction of an upward wave with targets above 30 figures.
The objectives for the option with purchases:
1.2935 - 50.0% of Fibonacci
1.2991 - 38.2% of Fibonacci
1.3175 - 0.0% of Fibonacci
The objectives for the option with sales:
1.2695 - 100.0% of Fibonacci
1.2637 - 261.8% of Fibonacci (senior grid)
General conclusions and trading recommendations:
The currency pair GBP / USD from the complication of the downward trend is holding now only the level of 1.2724. A successful attempt to break through this level will complicate wave markings. If this mark still stands, the instrument still has chances to build a wave c. Thus, now I recommend cautious purchases of the pair, based on the construction of an upward wave with a protective order below 1.2724.
