FX.co ★ Wave analysis of the GBP/USD currency pair for April 9, 2018

Analysis of wave counting:

During Friday's European session, the GBP/USD pair began with an upward movement and, adding about 120 percentage point in price, tested the level of the 41st figure at the end of the day. The resulting wave pattern suggests that the currency pair formed wave a, in c, in b, in B, in C, in C, in (A) in the form of a somewhat shortened five-wave structure. If this is so, then the looking wave b, in c, in b, B, C, C, in (A), allowing the currency pair to resume the decline of quotations and denote the beginning of the wave c, in c, in b, in B, in C, in C, in (A).

Targets for an upward wave option:

1.3946 - 38.2% by Fibonacci

1.3823 - 50.0% by Fibonacci

Targets for a downward wave option:

1.4098 - 23.6% by Fibonacci

General conclusions and trading recommendations:

Wave counting has been through some changes. Now we expect a resumption of a decline in quotations with targets near the estimated levels of 1.3946 and 1.3823, which corresponds to 38.2% and 50.0% Fibonacci, within the limits of wave c, in b, in B, in C, in C, in (A). The assumed wave b has completed its construction or is nearly complete.