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

Analysis of wave counting:

The GBP / USD pair started trading with the continuation of the upward movement, having added more than 220 pp in price and broke the level of the 32nd figure in the middle of the day. At the same time, despite such a significant growth, we can assume that the currency pair was still in the stage of forming the wave c, b, as part of a downward correction structure which was developed from the maximum reached on August 3. At the same time, it should be noted that in case of growth of quotations above the level of 1.3270, the wave counting of the 5th wave, in the 3rd (or C), will probably require the introduction of appropriate refinements and changes.

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:

1.3200 - 1.3270

General conclusions and trading recommendations:

The British currency continues to build the downward trend set of waves. The increase in quotes continues with the targets, which are about 32 figures and the level of 1.3270, within the assumed wave b in the 3-wave downward structure. After its completion, it is expected that the quotes will resume falling within the wave c range with targets below 28 figures. The divergence of the MACD warns of the willingness of the instrument to build a downward wave.