FX.co ★ Wave analysis of the GBP / USD currency pair for August 21, 2017

Analysis of wave counting:

In the second half of the Friday's trading, the GBP / USD pair made an unsuccessful attempt to resume the downward movement, falling to the level of 1.2830 and rolled back by more than 50 percentage points from the already reached minimum at the end of the day. At the same time, it can be assumed that as a result of such a reduction, the currency pair may pass to the stage of formation of the 3rd wave, in c, as part of a downward correcting structure, starting from the maximum on August 3. If this is so, the currency pair will not complete the wave near the minimum reached from the last day of last week, then the already decreasing quotations may get further development towards the level of the 28th or even 27th figure.

The objectives for building the downward wave:

1.2835 - 61.8% by Fibonacci

1.2789 - 76.4% by Fibonacci

Goals for the construction of an upward wave:

1.3000 - 1.3100

General conclusions and trading recommendations:

The British currency continues to build a downward set of waves. The decline in quotations may continue with targets near the estimated levels of 1.2835 and 1.2789, which corresponds to 61.8% and 76.4% of Fibonacci and lower, within the wave c and within the supposedly 3-wave downward structure.