FX.co ★ Wave analysis of the GBP / USD currency pair for January 29, 2018

Analysis of wave counting:

Having started the Friday's trading with the rollback of the price from Thursday's low, the pair GBP / USD was able to add more than 170 percentage points in price and reached the level of 1.4285 at the beginning of the European session. It can be assumed that the currency pair made attempts at the completion of the 3rd wave, 5th, a, B, C, C, (A) and the transition to the formation stage of wave a, 4th, 5th, a, B, C, C, (A). If this is the case, the currency pair may have good prospects, allowing it to continue to decline quotations in the direction of the level of the 38th figure.

The objectives for building the downward wave:

1.3946 - 38.2% of Fibonacci

1.3823 - 50.0% of Fibonacci

Aims for building an upward wave:

1.4294 - 685.4% of Fibonacci

1.4400

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. Wave 3, 5, a, B, C, C, (A), supposedly completed its construction near the mark of 1.4294, which equates to 685.4% of Fibonacci. Within the framework of the correctional wave 4, it is possible to withdraw quotes from the peaks reached with targets near the estimated marks of 1.3946 and 1.3823, which is equivalent to 38.2% and 50.0% of Fibonacci.