FX.co ★ Wave analysis of the GBP/USD currency pair for November 30, 2017

Analysis of wave counting:

During yesterday's trading, the GBP/USD pair continued the upward movement, which started on the previous day, and, adding more than 110 percentage points in price, managed to consolidate above the level of the 34th figure at the end of the day. Thus, the current wave situation makes it possible to assume that the currency pair, as before, remained in the stage of formation of the wave c, in this e, in b, in the fourth, while refining its internal wave structure. If this is the case, then from the high of the previous day, or after the rise to 1.3480, the currency pair will still perform a reversal and designate the start of the 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:

1.3382 - 161.8% by Fibonacci

1.3480 - 11.4% by Fibonacci

General conclusions and trading recommendations:

The construction of the downward wave 4 in the upward trend section continues. Now it is possible to resume the decline in the price of the trading instrument 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, in 4, so far continues its construction, having complicated its internal structure even more, with targets located near the mark of 1.3480, which is equivalent to 11.4% of Fibonacci.