FOREX Trend Today For GBP/USD
Yesterday's trading GBP / USD pair started with a downward movement and losing about 120 percentage points to the middle of the day tested the 1.6450 level . In the current circumstances the pair may continue to decline, the wave e, in the 2nd or B. If so , the calculated target for this wave e located in a fairly wide range between marks 1,6430-1,6310. However, the current position of the MACD indicates the possibility of the beginning of the upward movement after mining target 1.6430 mark, and therefore the wave e will take several shorter form.
Targets for testing options with a downward wave:
1.6432 - 23.6 % Fibonacci
1.6310 - 161.8 % Fibonacci
Build target upward wave :
1.6520 - 11.4 % Fibonacci
1.6641 - 161.8 % Fibonacci
General conclusions and trading recommendations :
British plot complicates trend , identifying who is now having problems. As part of the descending wave instrument can continue with the objectives of price reduced , located about 1.6432 and 1.6310 marks, which corresponds to 23.6% and 161.8 % Fibonacci. As part of building upward wave may begin with the objectives of improving located near settlement marks 1,6520 and 1.6641, which corresponds to 11.4% and 161.8% Fibonacci. Unsuccessful attempt to break the mark of 1.6432 could lead to the construction of an upward wave. Convergence MACD warns readiness tool to build upward wave.
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