18.01.201809:53 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for January 18, 2018

Analysis of wave counting:

Having started the yesterday's European session with an upward movement, the GBP / USD pair added more than 180 pp in price and reached 1.3940 at the end of the day. Thus, it can be assumed that the currency pair remained in the stage of formation of the 5th wave, in the 3rd, in the 5th, a, B, C, C, (A), while clarifying its internal 4th wave. If this is so, then keeping the potential for starting the formation of the 4th wave, in the 5th, a, B, C, C, (A), the currency pair can continue the renewed growth of quotations and work out the level of the 40th figures.

The objectives for the construction of the downward wave:

1.3600 - 1.3500

The objectives for the construction of the upward wave:

1.3900 - 1.4000

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. It is now possible to continue increasing quotations with targets that are about 39 and 40 figures, within wave 5, a, B, C, C, (A). All wave counting is now very complex and ambiguous.