29.08.201910:23 Forex Analysis & Reviews: Analysis of EUR / USD and GBP / USD for August 29. Boris Johnson made a "check". We are waiting for the response of his opponents

EUR / USD

Wednesday, August 28, ended for the EUR / USD pair with a decrease of another 10 basis points. Thus, the euro-dollar pair continues to "slide" to the minimum of wave b, and at the same time, to the minimum of wave c, which are located close to each other. A successful attempt to break through the minimum of wave b will indicate the willingness of the markets to continue building the bearish section of the trend, which is currently considered completed. The chances of building an upward wave will remain, however, the news background continues to put pressure on the euro. Today, for example, there will be a report on inflation in Germany. The consensus forecast indicates a slowdown to 1.5% g / g, although an acceleration from 1.4% to 1.7% g / g has been observed in the last three months. A new decline in the consumer price index in the EU's largest economy could add some frustration to the markets. After lunch, we are waiting for the publication of annual data on GDP, and here too, a decrease is expected to reach 2.0%. Also, this is the chance of the euro and bulls on Thursday, August 29. Weak news from America is a chance to build a wave c. Nevertheless, it is necessary for the GDP report to disappoint.

Purchase goals:

1.1264 - 61.8% Fibonacci

1.1322 - 76.4% Fibonacci

Sales goals:

1.1027 - 0.0% Fibonacci

General conclusions and trading recommendations:

The euro-dollar pair allegedly completed the construction of wave b. I recommend buying a pair with targets above 1.1250, with a Stop Loss order under the low of August 1. I also recommend selling the instrument no earlier than receiving confirmation of the market's readiness to build a new bearish set of waves, that is, after a successful attempt to break through the minimum of the wave c.

GBP / USD

On August 28, the pair GBP / USD lost more than 70 b.p, and the attempt to break through the 38.2% Fibonacci level ended in failure. Thus, the pound-dollar pair began to move away from the previously reached maximums, and this contributed to the decision of Boris Johnson to appeal to Queen Elizabeth II with a request to suspend the work of Parliament, which was immediately satisfied. It should be understood that the Queen in the UK performs more formal functions. That is, roughly speaking, Elizabeth II could not refuse the Prime Minister. Now, parliament has a total of no more than 3 weeks of working time to try to prevent Brexit without a deal with the European Union, which, according to many, will be a disaster for the United Kingdom. Well, the most interesting question that absolutely everyone is asking now, What can the opposition and opponents of Johnson's politics oppose? Next week, the parliament officially leaves the holidays, then we will find out the answer to this question. However, the chances that Brexit can be prevented without a deal are less and less every day.

Sales goals:

1.2016 - 0.0% Fibonacci

Purchase goals:

1.2306 - 38.2% Fibonacci

1.2401 - 50.0% Fibonacci

General conclusions and trading recommendations:

The downward section of the trend is previously considered completed. Thus, now, it is expected to build an upward trend correction section with the first goals located near the calculated levels of 1.2306 and 1.2401, which corresponds to 38.2% and 50.0% Fibonacci. You can buy a pound, but I do not recommend doing it in large volumes. Firstly, and secondly, you should do it after the completion of the current correctional wave down, by the MACD signal "up".