FX.co ★ Wave analysis of the GBP / USD currency pair for February 12, 2018

Analysis of wave counting:

As expected, during the Friday's trading, the pair GBP / USD resumed the downward movement, having lost more than 220 percentage points from the maximum of the European session and broke the level of the 38th figure in the afternoon. The current wave situation allows us to assume that the currency pair confirmed the transition to the stage of formation of the wave c, 4, 5, a, B, C, C, (A). If this is the case, then the already declining decrease in quotations may be further developed, with the prospect of price reduction to the level of the 37th figure, or even to the level of 1.3550.

The objectives for building a downward wave:

1.3700 - 61.8% of Fibonacci

1.3547 - 76.4% of Fibonacci

The objectives 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. The assumed wave 4, 5, a, B, C, C, (A) continues its construction with targets located near the calculated marks of 1.3700 and 1.3547, which corresponds to 61.8% and 76.4% of Fibonacci.