FX.co ★ Wave analysis of GBP / USD for September 6. Fundamental support for the pound was received, but the trend section is downward

Analysis of wave counting:

During the trades on September 5, the GBP / USD currency pair gained about 50 percentage points, although from the day's low to the maximum the distance is much higher. Rumors that in the near future Brexit negotiations can be put a fat point, and everyone will be satisfied, supported the pound. Nevertheless, the current wave count indicates the readiness of the pair for a new reduction within the assumed wave 3, 5, a. An unsuccessful attempt to break through the 38.2% Fibonacci mark can just indicate the pair's readiness to decline. Breaking the high of August 30 will lead to the need to add to the current markup.

The objectives for the option with purchases:

1.3068 - 50.0% of Fibonacci retracement

1.3164 - 61.8% of Fibonacci retracement

The objectives for the option with sales:

1.2636 - 261.8% of Fibonacci (the oldest Fibonacci grid)

1.2312 - 423.6% of Fibonacci retracement

General conclusions and trading recommendations:

The GBP / USD currency pair began building wave 2, 5, a, which may already be completed. An unsuccessful attempt to break through the 38.2% mark will indicate a willingness to build wave 3, 5, a. Thus, I recommend selling the pair with targets located near the calculated mark of 1.2636, which corresponds to 261.8% of Fibonacci. A successful attempt to break through 38.2% for a while will postpone the option with a fall in the pair.