FX.co ★ Wave analysis of the GBP / USD currency pair for January 15, 2018

Analysis of wave counting:

The last day of trading in the past week, the GBP/USD pair began with the continuation of the upward movement, which was indicated on Thursday, and added more than 200 pp in price. At the end of the US session it managed to work out the mark of 1.3740. At the same time, the alleged 3rd wave, in the 5th, in a, in B, in C, in C, in ( A ) took the form of a five-wave structure approaching its end, as a result of this dynamic growth in the quotation. If this is so, the currency pair can at least test the level of the 38th figure before proceeding to the stage of formation of the corrective 4th wave, in the 5th, in a, in B, in C, in C, in (A).

Objectives for building a downward wave:

1.3600 - 1.3500

Goals for building an upward wave:

1.3797 - 423.6% on Fibonacci basis

General conclusions and trading recommendations:

The construction of the upward trend section continues, but the entire wave counting of the instrument is not entirely unambiguous now. It is possible the rise of quotations to continue with targets near the estimated mark of 1.3797, which corresponds to 423.6% Fibonacci, within the 5th wave, in a, in B, in C, in C, and in (A). An unsuccessful attempt to break the mark of 423.6% may lead to the withdrawal of quotations from the peaks reached.