27.07.201709:33 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for July 27, 2017

Analysis of wave counting:

At the beginning of yesterday's European session, the GBP / USD pair resumed the development of the upward movement and reached the level of 1.3120 after reaching the results of the FOMC meeting. It can be assumed that the currency pair continued to form the internal wave structure of the 3rd wave, in the 3rd, 5th, 3rd, or C. If so, while maintaining the potential for growth of quotations up to the level of 1.3250, the currency pair can complete the 3rd wave, in the 3rd, 5th, 3rd, or C, after working off the settlement target corresponding to the mark of 1.3150-1.3170.

Objectives for a downward wave option:

1.2900 - 1.3000

Objectives for an upward wave option:

1.3148 - 76.4% by Fibonacci

1.3250

General conclusions and trading recommendations:

The British currency has undergone new adjustments to wave counting. At the moment, the quotations are expected to increase within wave 3, 5, 3 or C with targets located near the mark of 1.3148, which corresponds to 76.4% of Fibonacci, and above about 1.3250. The correction wave 2, 3, 5, 3, or C has completed its construction. The upward corridor preserves the prospects for building an uptrend section of the trend.