04.01.201809:42 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for January 4, 2018

Analysis of wave counting:

On the whole, it is expected that the breakdown of the level of the 36th figure led to a fairly dynamic decline in the price of the pair GBP / USD at the beginning of yesterday's European session by almost 120 percentage points from the previously reached maximum (1.3610). Thus, the emerging wave situation allows us to assume (with some stretch) that the currency pair has completed the formation of the third wave and has already designated the beginning of the 4th wave, in the 5th, a, B, C, C, (C). In this case, in the case of a downward movement to 1.3300, the 2nd wave, in the 5th, a, B, C, C, (C), significantly complicates its internal wave structure.

The objectives of building the downward wave:

1.3480 - 11.4% by Fibonacci

1.3291 - 23.6% by Fibonacci

1.3200

The objectives for the construction of an upward wave:

1.3600 - 1.3700

General conclusions and trade recommendations:

The construction of the upward trend section continues. It is now possible to resume the increase in quotes within the wave 5, 5, a, B, C, C, (C) with targets that are about 36 and 37 figures. The overbought indicators allow the probability of complicating the wave 2, 5, a, B, C, C, (C).