18.06.201822:06 Forex Analysis & Reviews: Wave analysis of GBP / USD for June 18. The chances of building a 3-wave correction structure remain

Analysis of wave counting:

During the trades on June 15, the GBP / USD currency pair gained about 70 percentage points from the day's low. Thus, wave b could complete its construction. If this is the case, then the increase in quotations will begin within the wave c, 2, with targets located around 1.3651, which corresponds to 38.2% of Fibonacci, constructed according to the size of wave 1, a. A successful attempt to break the 100.0% mark on the Fibo-level grid from wave a, 2, will lead to a conclusion about the readiness of the instrument to complicate wave 1 or complicate the 3-wave correctional structure within wave 2, which can take the form of a diagonal triangle.

The objectives for the option with purchases:

1.3478 - 23.6% of Fibonacci

1.3528 - 127.2% of the Fibonacci of the highest order

1.3651 - 38.2% of Fibonacci

The objectives for the option with sales:

1.3045 - 200.0% of the Fibonacci of the highest order

General conclusions and trading recommendations:

The assumed wave 2 can take a truncated form. The break of the May 29 minimum will suggest that the tool is ready to build a wave 3, in a downward part of the trend or about the complication of wave 2, a. One way or another, but now I recommend forming pairs for the construction of a wave c, 2, with targets near the marks of 1.3478 and 1.3651, which corresponds to 23.6% and 38.2% of Fibonacci. I recommend returning to sales after the breakthrough mark of 1.3203.