03.11.201712:48 Forex Analysis & Reviews: Wave analysis of the GBP/USD currency pair for November 3, 2017

Analysis of wave counting:

The final decisions taken at yesterday's meeting of the Bank of England, as well as the subsequent press conference of Mark Carney, exerted considerable pressure on the pound, which led to a collapse in the price of the GBP/USD pair by 250 pp, down to the area of 1.3040. The current wave situation makes it possible to assume that the currency pair has made an attempt to pass to the stage of formation of the first generating waves in the construction of the future wave c, in the 4th. At the same time, until the price is steady below the level of the 30th figure, the probability of even more complicating the internal wave structure of wave b, in the 4th and the return of the currency pair to the upper boundary of the horizontal channel, will remain.

Targets for a downward wave option:

1.3065 - 38.2% by Fibonacci

1,2882 - 50.0% by Fibonacci

Goals for building an upward wave:

1.3291 - 23.6% by Fibonacci

1.3400

General conclusions and trading recommendations:

The construction of the downward wave 4 in the upward trend section continues. Now it is possible to reduce prices with targets near the estimated level of 1.2882, which corresponds to 50.0% of Fibonacci, within the limits of wave c, in 4. Wave b, in 4, supposedly completed its construction.