FX.co ★ Wave analysis of the currency pair GBP / USD for August 1, 2017

Analysis of wave counting:

Bouncing off from the level of 1.3100, in the second half of yesterday's trading, the GBP / USD pair resumed the upward movement, having added more than 100 pp in price and tested the level of the 32nd figure at the end of the day. In this case, the internal wave structure of the third wave, in the third, 3rd, 5th, 3rd, or C, nevertheless assumed a much more complicated, but at the same time almost completed appearance. If this is the case, then from the high of the past day, the currency pair may begin a correction decrease and roll back to the area of 1.3080.

Objectives for a downward wave option:

1.3083 - 61.8% by Fibonacci

1.2900 - 1.3000

Objectives for an upward wave option:

1.3252 - 100.0% by Fibonacci

1.3300

General conclusions and trading recommendations:

The British currency has undergone making new adjustments to wave counting. At the moment, the quotations are expected to increase within wave 3, 5, 3 or C, with targets around 1.3252, which corresponds to 100.0% of Fibonacci, and above about 33 figures. The upward corridor preserves the prospects for building an uptrend section of the trend. The breakthrough of its lower forming line will lead to the idea of the tool's willingness to build a downward trend section. Now it is possible to withdraw quotes from the peaks achieved within the framework of the correctional wave 4 with targets located near the 1.3083 mark.