FX.co ★ Wave analysis of GBP / USD for January 14. The pound strengthens in anticipation of the meeting of Parliament

Wave counting analysis:

On January 11, the GBP / USD pair added about 90 bp. It broke through the maximum of the previous upward wave and the wave pattern.As a result, it requires making adjustments. Thus, the wave with turned out very shortened, nevertheless, it went beyond the minimum of wave a. The tool has moved to the construction of a supposedly upward trend section with targets that are near the 61.8% and 76.4% levels s on the Fibonacci grid, built on the size of the last three wave descending wave structure.

1.2887 - 61.8% Fibonacci

1.2997 - 76.4% Fibonacci

Sales targets:

1.2716 - 38.2% Fibonacci

1.2609 - 23.6% Fibonacci

General conclusions and trading recommendations:

The pair GBP / USD has moved to build a new uptrend trend, and the current wave pattern has undergone certain changes. Based on the new markup, an increase in the tool is expected, and I recommend cautious purchases with targets at 1.2887 and 1.2997. However, tomorrow in the parliament of Great Britain, a vote on the conditions of Brexit which was proposed by Teresa May, should take place. Any information from the parliament can greatly affect the movement of the instrument.