20.10.201709:40 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for October 20, 2017

Analysis of wave counting:

With the opening of yesterday's trading, the pair GBP / USD made an attempt to resume the downward movement and has already "slid" to the area of 1.3130 by the beginning of the European session. At the same time, it seems that the currency pair still remained in the stage of formation of the first generating waves in the future wave c, in the 4th. If this is the case, the currency pair retains the potential to further lower the quotations in the direction of the level of the 30th figure, corresponding to the first calculated goals of this wave c, in the 4th.

The objectives for building the downward wave:

1.3065 - 38.2% of Fibonacci

1.2882 - 50.0% of Fibonacci

The objectives for building an upward wave:

1.3291 - 23.6% of Fibonacci

1.3400

General conclusions and trading recommendations:

The downward wave 4 continues to build in the upward trend section. It is now possible to continue the decline of quotations with targets near the calculated marks of 1.3065 and 1.2882, which corresponds to 38.2% and 50.0% of Fibonacci, within the limits of wave c, 4. The correction wave b, 4, presumably, is completed.