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12.01.201813:35 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for January 12, 2018

Long-term review

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Analysis of wave counting:

Having started yesterday's trading with the downward movement, the GBP/USD pair failed to test the 1.3450 mark from the already reached minimum level and rolled back almost 100 points by the end of the day. At the same time, it seems that the currency pair remained within the limits that significantly complicated its 4th wave structure, in the 3rd, in the 5th, in a, in the B, in the C, in the C, in (A). If this is the case, he currency pair will once again try to test the level of 1.3450 before marking the beginning of the future 5th wave, in the 3rd, in the 5th, in a, in B, and in C. At the same time, he probability of price reduction to the level of 1.3300 still has not lost its relevance as noted earlier, with the prospect of an even more complicated 2nd wave, in the 5th, in a, in B, in C, in C, and in (A).

Objectives for building a downward wave:

1.3480 - 11.4% Fibonacci retracement

1.3291 - 23.6% Fibonacci retracement

1.3200

Goals for building an upward wave:

1.3600 - 1.3700

General conclusions and trading recommendations:

The construction of the upward trend section continues, but the entire wave counting of the instrument is now ambiguous. It is now possible to resume the increase in quotations after the completion of the correctional 4th wave, within 5th, at 5, in a, in B, in C, in C, and in (C) with targets located about 36 and 37 figures.

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