FX.co ★ Wave analysis of the GBP / USD currency pair for August 8, 2017

Analysis of wave counting:

Despite the low activity of yesterday's trading, the pair GBP / USD was still able to update the minimum reached on Friday and break the 1.3015 mark towards the end of the day. Thus, it can be assumed that the currency pair remained in the stage of formation of the 4th wave, in the 3rd, 5th, 3rd, or C, somewhat complicating its internal wave c. If this is the case, then from the low of the past, the currency pair will resume the growth of quotes, thereby indicating the beginning of the 5th wave, in the 3rd, 5th, 3rd, or C.

Goals for the construction of a downward wave:

1.3011 - 76.4% by Fibonacci

1.2900 - 1.3000

Objectives for the construction of an upward wave:

1.3246 - 100.0% by Fibonacci

1.3332 - 127.2% Fibonacci

General conclusions and trading recommendations:

The British currency is supposedly in the stage of building wave 3 or C of the upward trend section. 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.