18.10.201709:53 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for October 18, 2017

Analysis of wave counting:

After some delay around 1.3250, in the middle of yesterday's trading, the pair GBP / USD resumed the downward movement, having lost almost 100 pp and reached the level of 1.3155 in the second half of the day. It can be assumed that the currency pair continued to attempt to complete wave b, in the 4th and go to the stage of formation of the first generating waves in the future wave c, in the 4th. If this is the case, wave b, in the 4th, still does not take an even more complicated form, the currency pair will continue to decline quotations in the direction of the level of the 30th figure.

The objectives for building the downward wave:

1.3065 - 38.2% of Fibonacci

1.2882 - 50.0% of Fibonacci

The objectives for building an upward wave:

1.3291 - 23.6% of Fibonacci

1.3400

General conclusions and trading recommendations:

The downward wave 4 continues to build in the upward trend section. It is now possible to resume the decline of quotations with targets near the estimated levels of 1.3065 and 1.2882, which corresponds to 38.2% and 50.0% of Fibonacci, within the limits of wave c, 4. Within the corrective wave b, 4, the increase in quotations may still resume with targets above 1.3291, which corresponds to 23.6% of Fibonacci, about 34 figures but the wave looks completely completed.