22.02.201809:41 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for February 22, 2018

Analysis of wave counting:

An unsuccessful testing of the level of the 39th figure led to a rebound in the price of the currency pair GBP / USD by more than 100 percentage points from the minimum reached in the middle of yesterday. It can be assumed that the currency pair remained in the stage of formation of the wave 2, 5, 5, a, B, C, C, (A), considerably complicating its internal wave a. If this is the case, then before the beginning of the wave 3, 5, 5, a, B, C, C, (A), the currency pair will resume the decline of quotations, at least to the mark of 1.3880. At the same time, as noted earlier, the probability of forming the wave 4, 5, a, B, C, C, (A) still remains in the form of one of the correctional triangles and a decrease prices to the level of 1.3700.

The objectives for building a downward wave:

1.3880 - 76.4% 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. The assumed wave 4, 5, a, B, C, C, (A) is completed. If this is the case, then we are waiting for an extended ascending trend section with the first goals, which are about 44 figures within the wave 5, 5, a, B, C, C, (A). Now, the construction of the correctional wave 2 with the targets near the marks of 1.3880 and 1.3823, which corresponds to 76.4% and 50.0% of Fibonacci, is presumably continuing.