FX.co ★ Wave analysis of GBP / USD for February 1. The pound should grow, but the news can push it down

Wave counting analysis:

On January 31, the GBP / USD pair lost only a few points, so the current wave counting is not broken and still presumes the construction of an upward wave of 5, at 3. This option is still in doubt due to the news background. As before, no particularly positive and encouraging news comes from the UK. Thus, the main hope of the pound is negative from America. New Shutdown, the mess with the construction of the Trump wall, weak economic indicators - everything fits. . Otherwise, the pound will be extremely difficult to continue to increase and work out the current wave counting.

Shopping goals:

1,3297 - 127.2% Fibonacci

1.3367 - 127.2% Fibonacci

Sales targets:

1.2996 - 76.4% Fibonacci

1.2889 - 61.8% Fibonacci

General conclusions and trading recommendations:

The wave pattern assumes the construction of wave 5, 3. Thus, I expect the resumption of the increase and recommend buying the instrument with targets near the estimated level of 1.3397, which equals 127.2% Fibonacci. Breakthrough of the current minimum of wave 4, in 3 will cancel the execution of the main variant. News from the US today (unemployment, wages and the number of jobs outside the agricultural sector) should help determine which way the market is looking.