10.01.201809:36 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for January 10, 2018

Analysis of wave counting:

During the yesterday's trading, the pair GBP / USD still resumed the decline, having lost more than 70 pp and stopped before the level of the 35th figure in the afternoon. The current wave situation allows us to assume that as a result of such a pullback of the price, the currency pair remained in the stage of formation, complicating its wave structure of the 4th wave, in the 3rd, in the 5th, a, B, C, C, (A). If this is the case, then an attempt at testing the 1.3500 level may lead to a currency pair turning against the dollar, which in turn will mark the beginning of the future 5th wave, in the 3rd, in the 5th, a, B, C At the same time, as noted earlier, the probability of a decline in quotations to the level of 1.3300 and even more complication of the 2nd wave, in the 5th, a, B, C, C, (A), until it lost its relevance.

The objectives for building the downward wave:

1.3480 - 11.4% of Fibonacci

1.3291 - 23.6% of Fibonacci

1.3200

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, but the entire wave counting of the instrument is now ambiguous. It is now possible to resume the increase in quotations after the completion of the correctional wave 4, within wave 5, at 5, a, B, C, C, (C) with targets of about 36 and 37 figures. There is a high probability of complicating the wave 2, at 5, a, B, C, C, (C).