23.01.201810:24 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for January 23, 2018

Analysis of wave counting:

Yesterday's GBP / USD trades started from the upward movement, adding about 130 pp in price, and reached the level of 1.3990 at the end of the US session. The current wave situation allows us to assume that such a rise in quotations made the currency pair even more complicated, the internal wave structure of the 5th wave, 3rd, 5th, a, B, C, C, (A ). If this is the case, the breakdown of the level of the 40th figure and the development of the settlement target in the region of 1.4030 mark will still allow the currency pair to complete the turn and pass to the stage of formation of the 4th wave, 5th, a, B, C, C, (A).

The objectives for the construction of the downward wave:

1.3600 - 1.3500

The objectives for building the upward wave:

1.4031 - 685.4% of Fibonacci

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 raising quotes with targets near the estimated level of 1.4031, which equates to 685.4% of Fibonacci, within wave 5, a, B, C, C, (A). Within the framework of the correctional wave 4, quotations can be retreated from the reached maximum with targets that are around 36 figures.