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

Analysis of wave counting:

On Friday, the currency pair GBP / USD trades began with a rollback from the minimum reached the previous day, having added almost 100 percentage points in price and was able to work out the mark of 1.3890 in the second half of the day. It can be assumed that the currency pair still remained in the final stage of the formation of the wave c, c, 4, 5, a, B, C, C, (A) and retained potential for testing the level of the 37th figure. At the same time, in the case of the formation of the entire wave 4, 5, a, B, C, C, (A) as a complex oblique triangle. The growth of quotations from the minimum of the first trading day of March may be the beginning of the future wave d, 4, 5, a, B, C, C, (A).

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.