FX.co ★ Wave analysis of the GBP / USD currency pair for August 11, 2017

Analysis of wave counting:

After a significant fall the day before yesterday, the GBP / USD pair held in the range, trading around the level of the 30th figure. Thus, the prevailing wave situation has not undergone any significant changes and still allows us to assume that the currency pair can form the beginning of a sufficiently extended downward correction, in connection with which the wave counting of the entire 3rd wave, or C, will require the introduction of appropriate changes and refinements . If this is the case, the currency pair will continue to show the growth of quotations, passing to the stage of formation of wave b, as part of such an extended downward correction.

Aims for building the downward wave:

1,2800 - 1,2900

Goals for building 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. The last section of the trend is similar to the three wave correction structure a-b-c. If this is the case, then after a small withdrawal of quotes upwards within wave b, the decline will resume.