01.03.201809:53 Forex Analysis & Reviews: Wave analysis of the GBP / USD currency pair for March 1, 2018

Analysis of wave counting:

Yesterday's strengthening of the dollar across the entire spectrum of the currency market allowed the GBP / USD currency pair to continue the development of the downward movement during yesterday's trading and work out the mark of 1.3755 at the end of the day. Moreover, in connection with the breakdown of the minimum price from February 9 (1.3765), we can assume that the internal wave structure of the wave 4, 5, a, B, C, C, (A ) still takes the form of a more complex correction triangle. If this is the case, then, as the first calculation target for wave c, 4, 5, a, B, C, C, (A), it is possible to consider the level of 37th figures.

The objectives for building a downward wave:

1.3700 - 61.8% 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. It is now expected that the quotations will continue to fall near the target 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 move to the area of 41st figures.