FX.co ★ Wave analysis of the GBP / USD currency pair for September 15, 2017

Analysis of wave counting:

Yesterday's publication of the minutes of the last meeting of the Bank of England, which noted that "some removal of monetary incentives is likely to be appropriate in the coming months with a view to a stable return of inflation to the target", led to a dynamic price increase for the pair GBP / USD by 250 percentage points and breakdown of the level of the 34th figure. At the same time, it can be assumed that the currency pair has moved to the stage of formation of the 5th wave, in the composition of the third wave approaching its completion in the 5th wave, 5th, 3rd (or C). If this is the case, then before completing this 3rd wave, 5th, 5th, the currency pair will continue to increase the quotations to 1.3460 or even to 1.3600.

The objectives for building the downward wave:

1.3280 - 200.0% of Fibonacci

1.3225 - 161.8% of Fibonacci

Aims for building the upward wave:

1.3456 - 323.6% of Fibonacci

1.3600

General conclusions and trading recommendations:

Wave counting has suffered some changes in connection with the breakdown of the mark of 1.3270. The increase in quotations continues with targets near the estimated level of 1.3456, which corresponds to 323.6% of Fibonacci and above about 36 figures, within 3, 5, 5, 3 (or C). Within the framework of the correction wave 4, a decline may begin with the targets near the marks of 1.3280 and 1.3225, which corresponds to 200.0% and 161.8% Fibonacci.