23.10.201710:00 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair. Weekly review

Analysis of wave counting:

Having pushed off from the level of 1.3300, last week's GBP / USD pair started with a downward movement, having lost about 220 pp in price and reached 1.3090 on Friday. Thus, we can assume that the currency pair has attempted to complete wave b, in the 4th and designate the beginning of the wave c, in the 4th. If this is the case, wave b, in 4th will not take an even more complicated form, then the currency pair may continue to decline quotations in the direction of the level of the 29th or even 27th figure.

The objectives for working out a variant with a downward wave:

1.3065 - 38.2% of Fibonacci

1.2882 - 50.0% of Fibonacci

Goals for developing the option with an upward wave:

1.3291 - 23.6% of Fibonacci

General conclusions and trading recommendations:

The pound sterling continues to build a downward set of waves in the composition of 4. This week, the quotations are expected to fall within the wave c, 4 uptrend sections of the trend with targets located near the calculated marks of 1.3065 and 1.2882, which corresponds to 38.2% and 50.0% of Fibonacci. The upward corridor still retains the prospects for building an uptrend. Wave b, 4 supposedly completed its construction.