04.04.201809:37 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for April 4, 2018

Analysis of wave counting:

Despite the considerable volatility of yesterday's trading, the GBP / USD currency pair was unable to determine the direction of the movement and completed the US session near the opening levels of the day. The resulting wave situation still allows us to assume that the currency pair made attempts at the end to take a fully convincing view of the wave 4, 1, 5, 5, a, B, C, C, (A). At the same time, the probability of renewing the decline in quotations and confirming the currency pair's transition to the stage of formation of the corrective wave b, B, C, C, (A) continues to be 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:

1.4226 - 11.4% of Fibonacci

1.4400

General conclusions and trading recommendations:

The construction of the upward trend section continues. Now, the resumption of the increase in quotations is expected with targets above the target level of 1.4226, which corresponds to 11.4% of Fibonacci, within the wave 5, 1, 5, 5, a, B, C, C, (A) and above, about 44 figures. As part of the construction of the corrective wave 4, the quotations may continue to fall in the region of about 41 and 40 figures. If the wave continues to become more complicated, it may require adjustments to the entire wave counting.