21.11.201709:50 Forex Analysis & Reviews: Wave analysis of the GBP/USD currency pair for November 21, 2017

Analysis of wave counting:

During yesterday's European session, the GBP/USD pair started with an upward movement and, having updated Friday's high (1.3260), reached the level of 1.3280. Thus, it can be assumed that the currency pair remained in the stage of formation of the wave e approaching its completion, in b, in the 4th. If this is the case, the existing divergence of the MACD_aka indicates the possibility that testing the level of the 33rd figure may enable the currency pair to resume the decline in quotes, which in turn will indicate the beginning of the future wave c, in the 4th.

Targets for a downward wave option:

1.3065 - 38.2% by Fibonacci

1.2882 - 50.0% by Fibonacci

Targets for an upward wave option:

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 resume the decline in the price of the trading instrument with targets near the estimated level of 1.2882, which corresponds to 50.0% of Fibonacci, within the wave c, in 4. Wave b, in 4, resumed its construction, complicating its internal structure, with targets at around 1.3291. The divergence of the MACD_aka warns of the inclination of the instrument to build a descending wave.