FX.co ★ Wave analysis of the GBP / USD currency pair for March 8, 2018

Analysis of wave counting:

During the yesterday's trading, the GBP / USD currency pair could not determine the direction of the movement, remaining until the end of the day near the level of the 39th figure. At the same time, it can be assumed that the currency pair made another attempt to complete the formation of the heavily extended wave 4, c, c, 4, 5, a, B, C, C, (A). If this is the case, the currency pair will nevertheless resume the decline of quotations with the prospect of testing the level of the 37th figure. At the same time, under the prevailing conditions, the wave c, 4, 5, a, B, C, C, (A) can significantly complicate its wave structure, which in turn will lead to the necessity refinement of its wave counting.

The objectives for building a downward wave:

1.3700 - 61.8% of Fibonacci

The objectives for building an upward wave:

1.4098 - 23.6% of Fibonacci

1.4294 - 685.4% of Fibonacci

1.4400

General conclusions and trading recommendations:

The construction of the upward trend section continues. Now, we expect a decrease in quotations with targets near the estimated mark of 1.3700, which corresponds to 61.8% of Fibonacci, within wave 4, 5, a, B, C, C, (A), which takes a rather complicated form. Within the framework of its internal wave d, the quotations from the reached minimum may begin to recede to the area of 41 figures.