01.02.201810:02 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for February 1, 2018

Analysis of wave counting:

Despite the considerable amplitude of the price change, during the yesterday's trading, the GBP / USD pair could not determine the direction of the movement and completed the American session near the opening levels of the day. It can be assumed that yesterday, the currency pair remained in the stage of formation of the wave a, 4th, 5th, a, B, C, C, (A), which in the same way, it retained the elements of some incompleteness. If this is so, then it seems that the currency pair will continue to decline quotations in the direction of the level of the 39th, or 38th figure.

The objectives for building a downward wave:

1.3946 - 38.2% of Fibonacci

1.3823 - 50.0% of Fibonacci

The objectives for building an upward wave:

1.4294 - 685.4% of Fibonacci

1.4400

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. The wave 3, 5, a, B, C, C, (A), supposedly completed its construction near the mark of 1.4294, which equates to 685.4% of Fibonacci. Within the framework of the correction wave 4, a decline may resume with targets near the estimated levels of 1.3946 and 1.3823, which is equivalent to 38.2 and 50.0% of Fibonacci.