Wave counting analysis:
During the trading session on December 5, the GBP / USD currency pair added several base points, but this did not affect the current wave counting, which still looks confusing and non-standard. Presumably, the tool is in the framework of the construction of a new wave and three waves downward structure. However, much now for the pair will depend on the outcome of a vote in the UK Parliament on the issue of Brexit. The adoption by politicians of the option of leaving the European Union, which Theresa May offers, will support the pound. Otherwise, the pound may continue to fall against the dollar.
The objectives for the option with purchases:
1.2935 - 50.0% of Fibonacci
1.2991 - 38.2% of Fibonacci
1.3175 - 0.0% Fibonacci
The objectives for the option with sales:
1.2637 - 261.8% of Fibonacci (senior grid)
1.2566 - 127.2% of Fibonacci
General conclusions and trading recommendations:
The currency pair GBP / USD continues to build the downward wave a. Thus, now I recommend very cautious sales, as this wave can end at any moment, and the whole wave pattern can get an even more complex look. An unsuccessful attempt to break through the level of 100.0% may push the pair back up, however, until December 11, wave A will most likely continue its construction.
