12.03.201811:23 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair. Weekly review

Analysis of wave counting:

Having unable to develop the designated upward movement, for most of the past week, the GBP / USD currency pair held within the range limited by the levels of the 38th and 39th figures. The resulting wave situation allows us to assume that the currency pair remained in the formation stage of the wave b, B, C, C, (A) taking the form of a complex oblique triangle. At the same time, a fairly strong divergence of the MACD indicates the possibility of the currency pair's renewal of the quotation growth to at least 1.4400 level and a significant complication of the internal wave structure of the wave 5, a, B, C, C, (A).

The objectives for working off a variant with a descending wave:

1.3691 - 50.0% of Fibonacci

1.3537 - 61.8% of Fibonacci

The objectives for working out the variant with an upward wave:

1.4400 - 1.4600

General conclusions and trading recommendations:

The pound sterling continues the construction of the assumed wave B, C, C, (A). This week, the lowering of quotations may continue within the wave b, B, C, C, (A) with targets near the marks of 1.3691 and 1.3537, which corresponds to 50.0% and 61.8% of Fibonacci. The upward corridor preserves the prospects of constructing an ascending set of waves, but the wave a, B, C, C, (A) now looks completely complete. The MACD convergence warns of the readiness of the instrument to build an upward wave.