FX.co ★ Wave analysis of the GBP / USD currency pair for February 19, 2018

Analysis of wave counting:

In general, the expected breakdown of the level of the 41st figure led to a subsequent rebound in the price of the pair GBP / USD by 140 percentage points from the maximum reached at the beginning of the Friday session (1.4145). The current wave situation allows us to assume that the currency pair completed the first wave and has already passed to the stage of formation of the 2nd wave, in the composition of the future wave 5, 5, a, B, C, C, (A). At the same time, the rebound of quotations from the upper generating line of the designated inclined channel may lead to the further development of the downward movement, so that the wave 4, 5, a, B, C, C, (A) still takes the form of a correctional triangle.

The objectives for building a downward wave:

1.3946 - 38.2% of Fibonacci

1.3823 - 50.0% 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. The assumed wave 4, 5, a, B, C, C, (A) is completed. If this is the case, then we are waiting for an extended ascending trend section with the first goals, which are about 44 figures within the wave 5, 5, a, B, C, C, (A). However, wave counting can become even more complicated. Now the construction of the correctional wave 2 has supposedly begun.