FX.co ★ Wave analysis of GBP / USD for September 13. The market reaction to the meeting of the Bank of England can clarify the wave counting

Analysis of wave counting:

During the trades on September 12, the GBP / USD currency pair continued to trade near the 200.0% Fibonacci level, thus, it is not possible to clarify or supplement the current wave counting. There are still grounds for assuming the complication of the proposed wave 4, and possibly the entire wave counting, since the level of 200.0% was breached. Nevertheless, at the current moment, the working variant remains the decline in quotations within the framework of the future wave 5, a, under the 26th figure. Today, the results of the meeting of the Bank of England will become known, and this event can clarify the current wave counting.

The objectives for the option with purchases:

1.3042 - 0.0% of Fibonacci retracement

1.3300 - 161.8% of Fibonacci (the senior grid)

The objectives for the option with sales:

1.2636 - 261.8% of Fibonacci (the highest grid)

1.2556 - 127.2% of Fibonacci

General conclusions and trading recommendations:

The currency pair GBP / USD continues to be in the stage of specifying the wave pattern. A successful attempt to break through the 200.0% Fibonacci level will entail a new growth of quotations with targets near the estimated level of 1.3300, which corresponds to 161.8% on the senior Fibonacci grid, and to the complication of wave 4. A failed breakout attempt will return the pair to the working variant with a decrease to 26 figure. We continue to observe the situation.