16.02.201812:14 Forex Analysis & Reviews: Wave analysis of the GBP/USD currency pair for February 16, 2018

Analysis of wave counting:

Yesterday's trades of the GBP/USD pair began with the continuation of the upward movement that began on the eve of the day and, adding more than 110 pp in price, at the end of the day was able to test the level of the 41st figure. It can be assumed that the currency pair confirms the transition to the stage of the formation of the 1st wave, in the composition of the future 5th wave, in the 5th, in a, in B, in C, in C, in (A). If this is the case, then the currency pair may have good prospects for further growth of quotations in the direction of the level of 1.4400.

Targets for a downward wave option:

1.3700 - 61.8% by Fibonacci

1.3547 - 76.4% by Fibonacci

Targets for an upward wave option:

1.4294 - 685.4% by Fibonacci

1.4400

General conclusions and trading recommendations:

The construction of the upward trend section continues. The assumed wave 4, in 5, in a, in B, in C, in C, in (A) is completed. If this is the case, then we are waiting for an extended upward trend section with the first targets, which are about 44 figures within the wave 5, at 5, in a, in B, in C, in C, in (A). However, wave counting can become even more complicated.