17.07.201710:08 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for July 17, 2017

Analysis of wave counting:

During the last day of the past week's trading, the GBP / USD pair began with an upward movement, having added more than 160 pp in price and was able to test the level of the 31st figure, as well as gain a foothold above the high of June 30 (1.3030). Thus, the current wave situation allows us to assume that the currency pair resumed the formation of the 5th wave, in the 3rd or C, in the form of a full five-wave structure. If this is the case, the currency pair may continue to grow at 1.3200, with an intermediate target around 1.3150.

Objectives for a downward wave option:

1.2900 - 1.3000

Objectives for an upward wave option:

1.3148 - 76.4% by Fibonacci

1.3200

General conclusions and trading recommendations:

The British currency once again demanded the introduction of adjustments to wave counting. At the moment, the quotations are expected to increase within wave 5, at 3 or C, with targets near the mark of 1.3148, which corresponds to 76.4% of Fibonacci, and above about 32 figures. Within the framework of the corrective wave 4, 5, it is possible to withdraw quotations from the reached maximum.