05.02.201809:43 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for February 5, 2018

Analysis of wave counting:

Having started the Friday's trading with a downward movement, the GBP / USD lost more than 170 percentage points and reached the level of the 41st figure in the second half of the day. Thus, it can be assumed that despite this decline, the currency pair may remain within the wave 5, 3, 5, a, B, C, C, (A), somewhat complicating the wave structure of its internal 5th wave. At the same time, if the quotes continue to decline to 1.3945, or 1.3820, the currency pair will confirm the transition to the stage of formation of the wave 4, 5, a, B, C, C, (A).

The objectives for building a downward wave:

1.3946 - 38.2% of Fibonacci

1.3823 - 50.0% 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) can complicate once again its internal structure and continue raising with targets that are around 44 figures. The assumed wave 4 can also complicate its structure and then continue the decline with targets located near the calculated mark of 1.3946, which corresponds to 38.2% of Fibonacci, and lower.