19.02.201809:43 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair. Weekly review

Analysis of wave counting:

During the trades of the past week, the currency pair GBP / USD began with an upward movement, having added about 250 percentage points in price and reached the level of 1.4145 on Friday. Thus, we can assume that the currency pair made an attempt to complete the corrective decline, resuming the growth of quotations and giving the wave 5, a, B, C, C, (A) more complicated, but at the same time more persuasive look. At the same time, the resumption of price reduction to the bottom line of the uptrend will confirm, most likely, the transition of the currency pair to the stage of formation of the future wave b, B, C, C, (A).

The objectives for working off a variant with a downward wave:

1.3691 - 50.0% of Fibonacci

1.3537 - 61.8% of Fibonacci

The objectives for working out the variant with an upward wave:

1.4400 - 1.4600

General conclusions and trading recommendations:

The pound sterling continues to build wave B, C, C, (A). This week, the lowering of quotations may resume within the wave b, B, C, C, (A) with targets near the marks of 1.3691 and 1.3537, which corresponds to 50.0% and 61.8% of Fibonacci. An upward corridor preserves the prospects of constructing an ascending set of waves.