For Traders

Analytical Reviews

Wave analysis

19.10.201709:49 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for October 19, 2017

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Analysis of wave counting:

Yesterday, the GBP / USD pair traded in the range, remaining mainly between the level of the 32nd figure and the mark of 1.3140 until the end of the day. It can be assumed that the currency pair was still in the stage of formation of the first generating waves in the future wave c, in the 4th. If this is so, wave b, in the 4th will not further complicate its wave structure, then the currency pair may resume the decline of quotations towards the level of 1.3000.

The objectives for building the downward wave:

1.3065 - 38.2% of Fibonacci

1.2882 - 50.0% of Fibonacci

The objectives for building an upward wave:

1.3291 - 23.6% of Fibonacci

1.3400

General conclusions and trading recommendations:

The downward wave 4 continues to build in the upward trend section. It is now possible to resume the decline of quotations with targets near the estimated levels of 1.3065 and 1.2882, which corresponds to 38.2% and 50.0% of Fibonacci, within the limits of wave c, 4. Within the corrective wave b, 4, the increase in quotations can still resume with targets above 1.3291, which corresponds to 23.6% of Fibonacci, about 34 figures, but the wave now looks completely completed.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.