06.03.201812:47 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for March 6, 2018

Analysis of wave counting:

Having started the yesterday's trading with the upward movement, the currency pair GBP / USD was able to add more than 80 percentage points in price and work out the mark of 1.3875 in the afternoon. The current wave situation allows us to assume that the currency pair still remained in the formation stage of the wave c, 4, 5, a, B, C, C, A, which significantly complicated its wave structure. If this is the case, then practically from the highs of the past day, the currency pair may resume the decline of quotations and still test the level of the 37th figure.

The objectives for building a downward wave:

1.3700 - 61.8% of Fibonacci

The objectives for building an upward wave:

1.4098 - 23.6% of Fibonacci

1.4294 - 685.4% of Fibonacci

1.4400

General conclusions and trading recommendations:

The construction of the upward trend section continues. Now, we expect a decrease in quotations with targets near the estimated mark of 1.3700, which corresponds to 61.8% of Fibonacci, within wave 4, 5, a, B, C, C, (A), which takes a rather complicated form. Within the framework of its internal wave d, the quotations from the reached minimum may begin to recede to the area of 41 figures.