24.04.201800:05 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair. Weekly review

Analysis of wave counting:

Last Tuesday, the breakdown reached on January 25 high (1.4345) triggered a price turn in favor of the dollar and a dynamic fall in the pair GBP / USD by almost 380 percentage points, to the level of the 40th figure. The current wave situation suggests that after the rebound from 1.4375, the currency pair still completed the formation of the wave b, b, B, C, C, (A) and already marked the beginning of the future wave c, b, B, C, C, (A). If this is the case, then the currency pair may have good prospects for lowering quotations in the direction of the level of 1.3800.

The objectives for working out the variant with a downward wave:

1.3788 - 23.6% of Fibonacci

1.3443 - 38.2% 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 the construction of the assumed wave B, C, C, (A). This week, the lowering of quotations may continue within the wave b, B, C, C, (A) with targets near the marks of 1.3788 and 1.3443, which corresponds to 23.6% and 38.2% of Fibonacci. The upward corridor preserves the prospects of constructing an ascending set of waves, the breakthrough of its lower line generates the conclusion that the tool is ready for a longer-term decline. The divergence warned of readiness to build a bearish wave.