FX.co ★ Wave analysis of the GBP / USD currency pair for July 26, 2017

Analysis of wave counting:

In general, it is expected that during the yesterday's trading, the GBP / USD pair continued its slow development of the upward movement, although after working off the mark of 1.3080 and returned to the opening levels of the day. It can be assumed that the currency pair remained in the stage of forming the internal wave structure of the 3rd wave, in the 3rd, 5th, 3rd, or C. If this is the case, the currency pair retained the potential, allowing it to continue the growth of quotations with the prospect of testing at least a mark of 1.3150.

Objectives for a downward wave option:

1.2900 - 1.3000

Objectives for an upward wave option:

1.3148 - 76.4% by Fibonacci

1.3200

General conclusions and trading recommendations:

The British currency has undergone new adjustments to wave counting. At the moment, the quotations are expected to increase within wave 3, 5, 3 or C, with targets near the mark of 1.3148, which corresponds to 76.4% of Fibonacci, and above about 32 figures. The correction wave 2, 3, 5, 3 or C, presumably completed its construction.