12.09.201710:04 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for September 12, 2017

Analysis of wave counting:

In general, it is expected that a repeat breakdown of the level of 1.3220 led in the second half of yesterday's trading to the rebound of the GBP/USD pair's price by more than 60 percentage points from the already reached highs. At the same time, it can be assumed that the currency pair still remains at the stage of formation of the wave c, in b, which has retained the elements of some incompleteness, in a declining correction structure that was developed from the highs reached on August 3. If this is the case, the next testing of the level of the 32nd figure can lead to the reversal of the currency pair in favor of the dollar, which in turn will mark the beginning of the wave c, as part of this entire downward correction.

Objectives for a downward wave option:

1.2789 - 76.4% by Fibonacci

1.2714 - 100.0% by Fibonacci

Objectives for an upward wave option:

1.3200 - 1.3270

General conclusions and trading recommendations:

The British currency continues to build a downward set of waves. The increase in prices continues with the targets, which are about 32 figures and the level of 1.3270, within the assumed wave b in the three-wave downward structure. After its completion, it is expected that the quotes will resume its decline within the wave c range with targets below 28 figures. The MACD_a divergence warns of the preparedness of the trading instrument to move away from the high reached.