22.01.201809:51 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for January 22, 2018

Analysis of wave counting:

Last Friday, the attempt of the GBP / USD pair to resume the development of the upward movement was not successful and the price fell by more than 100 pp from the already reached maximum (1.3945) at the end of the day. Thus, it can be assumed that after specifying the internal wave structure of the 5th wave, 3rd, 5th, a, B, C, C, (A), the currency pair once again tried to go over in the stage of formation of the 4th wave, 5th, a, B, C, C, (A), whose calculated targets may be below the level of the 36th figure. At the same time, the probability of continuing the growth of quotations that began on the last day of the previous week to the level of 1.4000, and even more complication of the entire 3rd wave, 5th, a, B, C, C, (A ).

The objectives for building the downward wave:

1.3600 - 1.3500

The objectives for the construction of an upward wave:

1.4000 - 1.4100

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. Now, it is possible to continue increasing quotations with targets that are about 40 and 41 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.