03.01.201812:21 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for January 3, 2018

Analysis of wave counting:

Starting yesterday's trading with the continuation of the upward movement, the pair GBP / USD was able to add more than 100 pp in price and test the level of the 36th figure at the end of the day. In this case, the internal wave structure of the wave c, in the assumed 3rd, in the 5th, a, B, C, C, (C), took a practically completed form. If this is so, then the attempt of the currency pair to gain a foothold above the level of 1.3600 may provoke the beginning of a long overdue downward correction, the development of which below the level of 1.3500 will lead to a significant complication of the 2nd wave, in the 5th, a, B, C, C, (C).

The objectives for the construction of a downward wave:

1.3291 - 23.6% of Fibonacci

1.3200

Objectives for the construction of an upward wave:

1.3600 - 1.3700

General conclusions and trading recommendations:

The construction of the upward trend section continues. It is now possible to continue increasing quotations within the wave 3, a, B, C, C, (C) with targets that are about 36 and 37 figures. Overbought indicators allow the probability of a more complicated wave 2, 5, a, B, C, C, (C) and, respectively, the resumption of decline in quotations.