FX.co ★ Wave analysis of the GBP / USD currency pair for August 9, 2017

Analysis of wave counting:

At the beginning of yesterday's European session, the pair GBP / USD resumed the downward movement, having lost about 100 pp and did not quite successfully test the mark of 1.2950. Thus, it seems that the currency pair has made an attempt to form the beginning of a rather extended downward correction, the development of which will lead to the need to refine the wave counting of the entire 3rd wave, or C. If this is so, given the emerging divergence of MACD, it can be assumed that from the low of the past day, or slightly lower, the currency pair will begin to rise in quotes and mark the beginning of wave b, as part of this future extended downward correction.

Objectives for building a downward wave:

1.2900 - 1.3000

Objectives for the construction of an upward wave:

1.3100 - 1.3200

General conclusions and trading recommendations:

The British currency is presumably in the stage of building wave 3 or C of the upward trend section. In this case, the internal wave structure of this wave may require correction in the near future. MACD convergence warns of the instrument's readiness to increase, possibly within wave b with targets located about 31 and 32 figures.