08.02.201810:36 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for February 8, 2018

Analysis of wave counting:

Thus, unable to form any significant upward correction from the minimum reached on Tuesday, at the beginning of yesterday's European session, the GBP / USD pair resumed the downward movement, having lost about 140 percentage points in price and worked out the level of 1.3850 at the end of the day it. At the same time, it can be assumed that the currency pair has moved to the stage of formation of the wave c, as part of a dynamically developing, corrective wave 4, 5, a, B, C, C, (A). If this is the case, then the currency pair had good prospects for continuing the decline in quotations to the level of the 37th figure, or even to the level of 1.3550.

The objectives for building a downward wave:

1.3823 - 50.0% of Fibonacci

1.3700 - 61.8% of Fibonacci

The objectives for building an upward wave:

1.4294 - 685.4% of Fibonacci

1.4400

General conclusions and trading recommendations:

The construction of the upward trend section continues, but the entire wave counting of the instrument is not entirely unambiguous now. The wave 3, 5, a, B, C, C, (A) is supposedly completed. The assumed wave 4 can continue its construction with targets located near the calculated marks of 1.3823 and 1.3700, which corresponds to 50.0% and 61.8% of Fibonacci.