15.05.201810:02 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for May 15, 2018

Analysis of wave counting:

Yesterday's trading of the GBP / USD currency pair began with a slowly developing upward movement, adding more than 70 percentage points in price and was able to test the level of the 36th figure at the end of the day. Thus, it seems that the currency pair continued to make attempts to transition to the stage of formation of the first generating waves in the future wave b, c, b, B, C, C, (A). At the same time, the currency pair retains the potential for resuming the decline in quotations to 1.3400 level and further complicating the internal wave structure of the entire wave c, b, B, C, C, (A).

The objectives for the option with purchases:

1.3647 - 76.4% of Fibonacci

1.3700

The objectives for the option with sales:

1.3414 - 127.2% of Fibonacci

1.3400

General conclusions and trading recommendations:

The instrument significantly complicates the wave structure of the wave c, b, B, C, C, (A). Now, I recommend that you stay in sales with targets that are about 1.3414, which corresponds to 127.2% of Fibonacci, and below about 34 figures. An unsuccessful attempt to break through the 1.3414 mark will warn of the readiness of the instrument to build wave b (which in some cases might already have started) with the first targets above the 1.3647 mark, which corresponds to 76.4% of Fibonacci.