Wave counting analysis:
During the trading on December 13, the GBP / USD currency pair added about another 20 basis points more. Thus, the estimated wave 5, a, is considered complete at this stage. If this is indeed the case, then the instrument has moved to the construction of a correction wave b. However, a non-cast Brexit vote leaves a lot of uncertainty on this issue, which leads to a lack of support from the news background. The pound is still difficult to grow in the context of an unresolved issue on Brexit.
The objectives for the option with purchases:
1.2696 - 100.0% of Fibonacci
1.2807 - 76.4% of Fibonacci
The objectives for the option with sales:
1.2398 - 161.8% of Fibonacci
1.2218 - 200.0% of Fibonacci
General conclusions and trading recommendations:
The currency pair GBP / USD could complete the construction of wave 5, a. A successful attempt to break through the mark of 1.2696, which equates to 100.0% of Fibonacci, will confirm the transition of the pair to the construction of the rising wave b. In this case, I will recommend buying small volumes with targets located around 1.2807, which corresponds to 76.4% Fibonacci. An unsuccessful attempt to break through the level of 1.2696 may lead to the complication of wave a.
