04.06.201810:11 Forex Analysis & Reviews: Wave analysis of GBP / USD for June 4. Pound sterling shows signs of recovery

Analysis of wave counting:

On June 1, the GBP / USD currency pair added about 100 percentage points and once again, indicated the desire to proceed to the construction of the correctional wave 2, as part of a downward set of waves. At the same time, given the news background, the British pound may again fall under the sell-off, and the proposed wave 1, a, may further complicate its structure. Nevertheless, now there are no visible obstacles to further increase of quotations with the first targets, located around 1.3550. Near this level or a little higher, it will be possible to consider a return to sales of the tool in terms of building wave 3, a.

The objectives for the option with purchases:

1.3528 - 127.2% of the Fibonacci of the highest order

1.3555 - 200.0% of Fibonacci

The objectives for the option with sales:

1.3045 - 200.0% of the Fibonacci of the highest order

General conclusions and trading recommendations:

The attempt to complete the construction of wave 1, a, still looks not entirely convincing. At the same time, I recommend selling the pair close and preparing to build an upward wave 2, a. The current price levels are attractive for the formation of small purchases with the aim being in the area of figure 35 and slightly higher. I recommend returning to sales after the completion of the construction of wave 2 or after receiving confirmation of the complication of wave 1, a.