Wave marking analysis:
Yesterday the GBP/USD pair continued the consolidation between 1.5400 and 1.5340 supposedly forming the horizontal part of the trend within more prolonged ascending corrective structure. If that proves to be so, then after the completion of the wave B the pair is likely to resume the growth of quotes towards correction level of 23.6%, located above the point 1.5500. At the same time, the unexpected reaction on Bank of England’s decision can lead to the rapid growth of the pound or even to the return of the price in the area of highs of May.
Targets for further elaboration of the wave 3 in C or 3 of the downside part of the trend:
1.5267 and lower – low of the wave 5
Targets for the option with corrective waves a-b-c:
1.5386 – 11.4% of Fibonacci
1.5511 – 23.6% of Fibonacci
General conclusions and trading recommendations:
The current ascending part of the trend continues its development. The intermediary target is seen at the 1.5267 which is the low of the wave 5. Presently the quotes can reach the levels of 1.5386 and 1.5511 which is equal to 11.4% and 23.6% of Fibonacci within the 3-wave corrective structure. The downside channel points at possible prospective for the downward part of the trend. No divergence/convergence was formed.
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