FX.co ★ Wave analysis of the GBP / USD currency pair for May 17, 2018

Analysis of wave counting:

Unable to determine the direction of the movement, yesterday's trading of the GBP / USD currency pair held within a fairly narrow price range, trading around the level of the 35th figure. The current wave situation allows us to assume that the currency pair remained in the final stage of the formation of the wave 5, c, b, B, C, C, (A). If this is the case, then the currency pair can complete the entire wave c, b, B, C, C, (A) or after the update of the minimum reached on Tuesday, or after lowering the quotations to 1.3335, or even under the level of 1.3200.

The objectives for the option with purchases:

1.3647 - 76.4% of Fibonacci

1.3700

The objectives for the option with sales:

1.3459 - 100.0% of Fibonacci

1.3334 - 127.2% of Fibonacci

General conclusions and trading recommendations:

The tool continues to complicate the wave structure of the wave c, b, B, C, C, (A). Now I recommend to remain in sales with targets that are near the estimated marks of 1.3459 and 1.3334, which corresponds to 100.0% and 127.2% of Fibonacci. An unsuccessful attempt to break through the 1.3334 mark will warn of the readiness of the instrument to build a wave c, B, C, C, (A) with the first targets located around 37 figures.