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Wave analysis

17.11.201715:03 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for November 17, 2017

Long-term review

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Analysis of wave counting:

The market attempted to resume the downward movement at the beginning of yesterday's European session until the end of the day but ended up in failure. The GBP/USD pair remained in the range between the 1.3170 mark and the level of the 32nd figure. At the same time, it can still be assumed that the currency pair was in the stage of forming the 3rd wave, in c, in the 4th trying to appoint the beginning of its internal 3rd wave. Also, the probability of developing an even more complicated wave structure in the entire wave b, in the 4th, as well as the resumption of the growth in prices to the level of 1.3300, continues to remain relevant.

Objectives for building a downward wave:

1.3065 - 38.2% Fibonacci retracement

1,2882 - 50.0% Fibonacci retracement

Goals for building an upward wave:

1.3291 - 23.6% Fibonacci retracement

1.3400

General conclusions and trading recommendations:

The construction of the downward wave 4 in the upward trend section continues. It is now possible to lower quotations with targets near the estimated level of 1.2882, which corresponds to 50.0% of Fibonacci, within wave 3, in c, in 4. The Wave b, in 4th has supposedly completed its construction near the mark of 1.329 corresponding to 23.6% Fibonacci. The wave pattern may require further adjustments and other add-ons.

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