20.11.201709:55 Forex Analysis & Reviews: Wave analysis of the GBP/USD currency pair. Weekly review

Analysis of wave counting:

After rebounding last Monday from the 1.3060 mark, the GBP/USD pair added 200 percentage points to the price and in the course of Friday's trading reached 1.3260. The current wave situation makes it possible to assume that the currency pair still remained in the stage of formation, which significantly complicated its wave structure, b, in the fourth. If this is the case, then from the Friday's highs, or after working out the level of the 33rd figure, the currency pair will resume the decline of quotations, thereby indicating the beginning of the 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

General conclusions and trading recommendations:

The sterling pound continues to build a downward set of waves in the composition of 4. This week, the quotes are expected to decline within the wave c, in 4 upward sections of the trend with targets located near the estimated marks of 1.3065 and 1.2882, which corresponds to 38.2% and 50.0% of Fibonacci. The upward movement still retains the prospects for building an uptrend. Wave b, in 4 it resumed its construction, but it's still impossible to pass the mark of 1.3291.