24.04.201800:05 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for April 23, 2018

Analysis of wave counting:

Having easily overcome the bottom line of the rising channel, at the beginning of the Friday Asian session, the GBP / USD currency pair continued to develop a downward movement, losing about 90 percentage points in price and tested the level of the 40th figure at the end of the day. Thus, it seems that the currency pair has still completed the formation of a somewhat extended form of the wave 5, a, a, in the future wave c, b, B, C, C, (A). If this is the case, then from the minimum reached on the last day of the last week, the currency pair can begin the formation of the corrective wave b, a, c, b, B, C, C, (A), whose calculated targets are likely, located in the area of the level of 1.4200.

The objectives for building a downward wave:

1.3900 - 1.400

The objectives for building an upward wave:

1.4200

General conclusions and trading recommendations:

The wave counting assumes the construction of a descending set of waves. Within the framework of the construction of wave b, a, c, b, B, C, C, (A), now there can begin an increase with the goals, which are about 42 figures. After the completion of this correction wave, it is expected to resume the decline with targets below 40 figures. The MACD convergence warns about the readiness of the tool to increase.