14.08.201709:39 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for August 14, 2017

Analysis of wave counting:

The attempt to continue the downward movement made on Friday by the GBP / USD pair ended in failure and after the breakdown of the level of 1.2940, the price rebounded by more than 90 pp from the already reached minimum. Thus, in connection with the continued intention of the currency pair to resume the decline in quotes, the assumptions begin to be confirmed that allow a maximum of August 3 (1.3270) to be considered (with considerable stretch), as the top of the entire 3rd wave, or C. If so , In the course of development of the receiving wave of the correction triangle wave b, as part of the current anticipated corrective decline, the currency pair will continue to move within the corridor bounded by the levels of 1.2950-1.3030.

Aims for building the downward wave:

1,2800 - 1,2950

Objectives for building the upward wave:

1,3100 - 1,3200

General conclusions and trading recommendations:

The British currency may have completed the construction of wave 3 or C of the upward trend section. In this case, the internal wave structure of this wave may require adjustments and, accordingly, significantly more complicated. The last section of the trend is similar to the three-wave correction structure a-b-c. If this is the case, then after a small withdrawal of quotes upwards within the wave b, the decline will resume with the targets, which are about 28 and 29 figures.