FX.co ★ Wave analysis of the GBP / USD currency pair. Weekly review

Analysis of wave counting:

Despite the considerable volatility of trades, the GBP / USD pair held in the range limited by the level of the 30th figure and the mark of 1.2860 for the past week. Thus, it seems that the currency pair was in the process of forming the wave b, in the proposed 4th, as part of the uptrend portion of the trend, originating from the lows of the beginning of the year. If this is the case, then before resuming the decline in quotations, the currency pair can fulfill the calculated targets for this wave b, in the 4th, located in the region of marks 1.3020 - 1.3080.

The objectives for a downward wave option:

1.2688 - 50.0% of Fibonacci

1.2551 - 61.8% of Fibonacci

Goals for an upward wave option:

1.3273 - 161.8% of Fibonacci

1.3435 - 161.8% of Fibonacci

General conclusions and trading recommendations:

The pound sterling completed the construction of wave 3 or C. If so, this week it is expected to resume the decline in quotes within the wave c, 4 with targets located near the marks of 1.2688 and 1.2551, which corresponds to 50.0% and 61.8% of Fibonacci. The upward corridor still retains the prospects for building an uptrend.