19.01.201809:43 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for January 19, 2018

Analysis of wave counting:

Having started the yesterday's trading with an upward movement, the pair GBP / USD was able to add about 100 points in price and roll back above the level of the 39th figure in the second half of the day. The resulting wave situation suggests that after the rise to 1.3940 the day before, the currency pair makes an attempt to complete the formation of the entire 3rd wave and to designate the beginning of the 4th wave, in the 5th, a, B, C, C, (A). At the same time, the currency pair retains the potential for continuing the growth of quotations to the level of 1.4000 and further complicating the internal wave structure of the 5th wave, in the 3rd, in the 5th, a, B, C, C, (A).

The objectives of building the downward wave:

1.3600 - 1.3500

The objectives of building the upward wave:

1.3887 - 523.6% of Fibonacci

1.4000

General conclusions and trading recommendations:

The construction of the upward trend section continues, but the entire wave counting of the instrument is not entirely unambiguous now. It is now possible to continue increasing quotations with targets that are about 39 and 40 figures, within wave 5, a, B, C, C, (A). Within the framework of the correctional wave 4, it is possible to withdraw quotes from the peaks reached with targets that are about 36 figures.