FX.co ★ Wave analysis of the GBP/USD currency pair for November 20, 2017

Analysis of wave counting:

Starting Friday's trading with the upward movement, the GBP/USD pair was able to work out the mark of 1.3260 and only after that rebounded by 90 percentage points. from the highs reached at the beginning of the European session. Thus, it seems that the currency pair remained within a complex horizontal correction, while continuing to form the wave e, in b, in the 4th. If this is the case and the price rises to the level of the 33rd figure, and the currency pair will not further complicate the internal wave structure of this wave e, in b, in the 4th, then from the last day's high, we can expect a resumption of quotes' decline, which in turn will mark the beginning of the future wave c, in the 4th.

Targets for a downward wave option:

1.3065 - 38.2% by Fibonacci

1.2882 - 50.0% by Fibonacci

Targets for an upward wave option:

1.3291 - 23.6% by Fibonacci

1.3400

General conclusions and trading recommendations:

The construction of the downward wave 4 in the upward trend section continues. Now it is possible to lower quotes with targets near the estimated level of 1.2882, which corresponds to 50.0% of Fibonacci, within the limits of wave c, in 4. Wave b, at 4 resumed its construction, complicating its internal structure.