16.02.201809:13 Forex Analysis & Reviews: Wave analysis of the GBP/USD currency pair for February 15, 2018

Analysis of wave counting:

Yesterday's attempt to resume the downward movement was not successful, and from the level of the 38th figure, the GBP/USD pair was able to add more than 200 percentage point in price. At the same time, there appeared grounds for considering the lows of the previous day as an end, which took a somewhat shorter form,in wave c, in the 4th, in the 5th, in a, in B, in C, in C, in (A). If this is the case, then the beginning of the growth of prices may be the beginning of the future 5th wave, in the 5th, in a, in B, in C, in C, in (A). At the same time, under the current conditions, the currency pair can still resume the decline of quotations to the level of 1.3700, in connection with which the 4th wave, in the 5th, in a, in B, in C, in C, in (A) indicates an oblique correctional triangle.

Targets for a downward wave option:

1.3700 - 61.8% by Fibonacci

1.3547 - 76.4% by Fibonacci

Targets for an upward wave option:

1.4294 - 685.4% by 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 now not entirely unclear. The assumed wave 4, in 5, in a, in B, in C, in C, in (A) can continue its construction and take a more complex view with targets located near the estimated marks of 1.3700 and 1.3547, which corresponds to 61.8% and 76.4% of Fibonacci. If this wave is completed, then we are waiting for an extended upward trend segment.