FX.co ★ Wave analysis of the GBP / USD currency pair for September 8, 2017

Analysis of wave counting:

During yesterday's European session, the GBP / USD pair began with the resumption of the upward movement, having added more than 70 pp in price and was able to test the level of the 31st figure in the second half of the day. At the same time, it can be assumed that the currency pair remained in the formative stage of taking an increasingly complex waveform with, in, in the downward correction, which developed from the August maximum. If this is so, then, most likely, the currency pair will continue to rise in quotations to 1.3150, although on a more complex trajectory.

The objectives for building the downward wave:

1.2789 - 76.4% of Fibonacci

1.2714 - 100.0% of Fibonacci

Aims for building the upward wave:

1.3151 - 76.4% of Fibonacci

1.3200

General conclusions and trading recommendations:

The British currency continues to build a downward set of waves. The increase in quotes continues with targets near the estimated level of 1.3151, which corresponds to 76.4% of Fibonacci, and above, about 32 figures, within the assumed wave b as part of a 3-wave downward structure. After its completion, it is expected that the quotations will resume falling within the wave s range with targets below 28 figures.