FX.co ★ Wave analysis of the GBP / USD currency pair for February 23, 2018

Analysis of wave counting:

Yesterday's decline to 1.3855 triggered a rebound in the currency pair GBP / USD price by more than 130 percentage points from the minimum reached in the middle of the day. The current wave situation allows us to assume that the currency pair has already completed the 2nd wave and made an attempt to designate the beginning of the wave 3, 5, 5, a, B, C, C, (A). At the same time, the probability of forming the wave 4, 5, a, B, C, C, (A) in the form of a fairly complex correction triangle and lowering the quotations to the level of 1.3700 has not lost its relevance.

The objectives for building a downward wave:

1.3880 - 76.4% 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. Now, the quotations are expected to increase by targets that are around 44 figures within wave 5, 5, a, B, C, C, (A). The construction of the correction wave 2 with targets near the marks of 1.3880 and 1.3823, which corresponds to 76.4% and 50.0% of Fibonacci, is supposedly completed. The MACD convergence warns about the readiness of the tool to increase.