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Wave analysis

29.12.201710:51 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for December 28, 2017

Long-term review

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Analysis of wave counting:

Yesterday's auction of the GBP/USD pair began with an upward movement and reached the level of 1.3430 in the middle of the day after adding 60pp in the price. At the same time, it seems that the currency pair still remained in the formation stage of the increasingly b-shaped wave b, in b, in c and in the 4th. If this is the case, the currency pair may continue to rise in quotes and test the level of 1.3450 to complete the entire wave b, in c, and in the 4th.

Objectives for building a downward wave:

1.3291 - 23.6% Fibonacci retracement

1,3200

Goals for building an upward wave:

1.3480 - 11.4% Fibonacci retracement

1.3600

General conclusions and trading recommendations:

The construction of the downward wave 4 continues in the upward trend section. Now, it is possible to move in the lateral channel between 33 and 34 figures within the wave b, in b, in c, and in 4th, which makes the internal wave structure even more noticeable.

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