FX.co ★ Wave analysis of the GBP / USD currency pair for September 4, 2017

Analysis of wave counting:

In general, it is expected that on the last day of the previous week, the GBP / USD pair continued the development of the upward movement resumed on the eve and stopped several points from the level of the 30th figure in the afternoon. At the same time, it can be assumed that the currency pair confirmed the transition to the stage of formation of the wave c, b, as part of a downward correction which developed from the August maximum. If this is the case, then before marking the beginning of the wave with such a downward correction, the currency pair will continue to rise in the direction of the mark at 1.3020 or even 1.3080.

The objectives for the construction of the downward wave:

1,2789 - 76.4% of Fibonacci

1.2714 - 100.0% of Fibonacci

Goals for building the upward wave:

1.3020 - 50.0% of Fibonacci

1.3080 - 61.8% of Fibonacci

General conclusions and trading recommendations:

The British currency continues to build a downward set of waves. The increase in quotations may continue with targets near the estimated levels of 1.3020 and 1.3080, which corresponds to 50.0% and 61.8% of Fibonacci, within wave b as part of a 3-wave downward structure. After its completion, it is expected to resume the decline in quotes within the wave c with targets below 28 figures.