FX.co ★ Wave analysis of the GBP / USD currency pair for August 7, 2017

Analysis of wave counting:

During the Friday's trading, the pair GBP / USD continued the development of the downward movement, losing about 140 pp and was able to work out the mark of 1.3025 at the end of the day. At the same time, there were grounds for considering with some stretch the maximum from August 3 as the top of the 3rd wave, in the 3rd, 5th, 3rd, or C. If this is the case, then practically from the minimum reached on Friday, or slightly lower, the currency pair will resume the growth of quotations, going to the stage of formation of the 5th wave, in the 3rd, 5th, 3rd, or C.

The objectives for building the downward wave:

1.3011 - 76.4% by Fibonacci

1.2900 - 1.3000

Goals for building the upward wave:

1.3246 - 100.0% by Fibonacci

1.3332 - 127.2% by Fibonacci

General conclusions and trading recommendations:

The British currency has undergone making adjustments to wave counting. At the moment, the quotations are expected to increase within wave 3, 5, 3 or C with targets located near the estimated marks of 1.3246 and 1.3332, which corresponds to 100.0% and 127.2% of Fibonacci. Within the proposed wave 4, 3, 5, 3, or C, a slight decrease is possible.