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Wave analysis

02.02.201814:45 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for February 2, 2018

Long-term review

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Analysis of wave counting:

Having started yesterday's European session with an upward movement, the GBP/USD pair was able to add more than 100 pp in the price. It worked out the level of 1.4275 at the end of the day. The resulting wave situation allows us to assume that the currency pair can significantly complicate the internal structure of the fifth wave in the 3rd, in the 5th, in a, in B, in C, in C, in (A) exceeding the minimum on January 30 towards the stage of formation of its internal 5th wave. If this is so, the currency pair will continue to show a marked increase in quotations at least to the level of the 44th figure.

Objectives for building a downward wave:

1.3946 - 38.2% by Fibonacci

1.3823 - 50.0% by Fibonacci

Goals for building an upward wave:

1.4294 - 685.4% Fibonacci retracement

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 third wave in the 5th, in a, in B, in C, in C, in ( A) can have a complicated internal structure once again and then the decline will resume with the targets located near the calculated mark of 1.3946, which corresponds to 38.2% of Fibonacci.

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