24.08.201703:12 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for August 23, 2017

Analysis of wave counting:

Yesterday's GBP / USD trades started with the expected downward movement, having lost about 90 percentage points and fell to the level of 1.2810 in the afternoon. Thus, it seems that the currency pair confirmed the transition to the stage of formation of the 5th wave, a, as part of a downward correction structure, which was developed from the highs of the beginning of the month. If this is the case, then the currency pair has good prospects for continuing the decline in quotations to around 1.2790 and further, almost to the level of the 27th figure.

The objectives for building the downward wave:

1.2789 - 76.4% by Fibonacci

1.2700

Goals for building the upward wave:

1.3000 - 1.3100

General conclusions and trading recommendations:

The British currency continues to build a downward set of waves. The decline in quotations may continue with targets near the estimated level of 1.2789, which corresponds to 76.4% of Fibonacci and lower about 27 figures, within wave 5, and in the composition of a supposedly 3-wave downward structure. The downward corridor retains the prospect of lower quotations. The breakthrough of its upper forming line will indicate the willingness of the instrument to build an upward wave.