FX.co ★ Wave analysis of the GBP / USD currency pair for January 9, 2018

Analysis of wave counting:

During the yesterday's trading, the pair GBP / USD was still unable to determine the direction of the movement, remaining within the range limited by the marks of 1.3520-1.3585. The current wave situation allows us to assume that the currency pair remained in the formative stage of assuming an increasingly complex form of the 4th wave, in the 3rd, in the 5th, a, B, C, C, (A). If this is so, then the currency pair can resume the growth of quotations at any time, thus indicating the beginning of the future 5th wave, in the 3rd, in the 5th, a, B, C. At the same time, as already mentioned earlier, the possible development of a downward movement to the level of 1.3300 will lead, most likely, to an even greater complication of the 2nd wave, in the 5th, a, B, C, C, (A).

The objectives of building the downward wave:

1.3480 - 11.4% of Fibonacci

1.3291 - 23.6% of Fibonacci

1.3200

The objectives for the construction of an upward wave:

1.3600 - 1.3700

General conclusions and trade recommendations:

The construction of the upward trend section continues, but the entire wave counting of the instrument is now ambiguous. It is now possible to resume the increase in quotations after the completion of the correctional wave 4, within wave 5, at 5, a, B, C, C, (C) with targets located about 36 and 37 figures. There is a high probability of complicating the wave 2, at 5, a, B, C, C, (C).