21.02.201809:36 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for February 21, 2018

Analysis of wave counting:

The attempt to continue the development of the downward movement did not succeed and from the 1.3930 mark to the end of the last day, the GBP / USD currency pair returned to the region of the level of the 40th figure. The resulting wave situation allows us to assume that the currency pair has practically completed the formation of the wave 2, 5, 5, a, B, C, C, (A). If this is so, then from the low of the past day, the currency pair will resume the growth of quotations and thus mark the beginning of the wave 3, 5, 5, a, B, C, C, (A). At the same time, as noted earlier, the probability of continuing the decline in price to 1.3700, and the formation of the wave 4, 5, a, B, C, C, (A) as one of the correctional triangles, continues to remain relevant.

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. The assumed wave 4, 5, a, B, C, C, (A) is completed. If this is the case, then we are waiting for an extended ascending trend section with the first goals, which are about 44 figures within the wave 5, 5, a, B, C, C, (A). However, the wave counting can become even more complicated. Now, the construction of the correctional wave 2 is supposedly going on.