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Wave analysis

21.07.201710:36 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for July 21, 2017

Long-term review

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Analysis of wave counting:

In general, it is expected that during the yesterday's trading, the pair GBP / USD continued to develop a downward correction and stopped at the level of 1.2930 in the middle of the day. In this case, as a result of this decrease, the internal wave structure of the second wave, in the 3rd, 5th, 3rd, or C, took a completely completed form. If this is so, then practically from the minimum of the past day, the currency pair will resume the growth of quotations and thus signify the beginning of the third wave, in the 3rd, 5th, 3rd, or C.

Objectives for a downward wave option:

1 , 2900 - 1.3000

Objectives for an upward wave option:

1.3148 - 76.4% by Fibonacci

1.3200

General conclusions and trading recommendations:

The British currency has again undergone making adjustments to wave counting. At the moment, the quotations are expected to increase within wave 3, 5, 3 or C, with targets near the mark of 1.3148, which corresponds to 76.4% of Fibonacci, and above about 32 figures. Within the limits of the correctional wave 2, 3, 5, 3 or C, the quotations continue to move away from the reached maximum to the area of 30 and 29 figures.

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