FX.co ★ Wave analysis of the GBP/USD currency pair for December 1, 2017

Analysis of wave counting:

Despite significant overbought indicators, during the yesterday's trading, the GBP/USD pair continued its upward movement and stopped in the afternoon before the 1.3550 mark. At the same time, it can be assumed that the currency pair still remained in the stage of formation of the wave c, which heavily complicated its wave structure, in this e, in b, in the 4th. If this is the case, then from the high of the previous day, or after testing the level of the 36th figure, the currency pair will still perform a reversal and will mark the beginning 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 a downward wave option:

1.3559 - 261.8% by Fibonacci

1.3600

General conclusions and trading recommendations:

The construction of the downward wave 4 in the upward trend section continues. It is now 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 the Fibonacci, within the wave c, in 4. Wave b, at 4 so far, continues its construction, continuing to complicate its internal structure even more, with targets near the mark of 1.3559, which equates to 261.8% of Fibonacci, and above about 36 figures.