Wave analysis of the GBP/USD currency pair for May 14, 2018
May 14, 2018 11:23 pm
Analysis of wave counting:
Starting Friday’s trading with the upward movement, the GBP/USD pair, however, could not overcome the level of the 36th figure and completed the day at 1.3540. It can be assumed that the currency pair has made another attempt to complete wave a and go to the stage of formation of the future wave b, in c, in b, in B, in C, in C, in (A). At the same time, the currency pair still retained the potential for resuming the decline in quotations to 1.3400 level and further complicating the internal wave structure of wave a, in c, in b, in B, in C, in C, in (A).
Targets for buying:
1.3647 – 76.4% by Fibonacci
1.3700
Targets for selling:
1.3414 – 127.2% by Fibonacci
1.3400
General conclusions and trading recommendations:
The trading instrument significantly complicates the wave structure of the wave a, c, b, B, C, C, (A). Thus,it is now recommended that you remain in selling with targets that are around 1.3414, which corresponds to 127.2% of Fibonacci, and below about 34 figures. An unsuccessful attempt to break through the 1.3414 mark will lead to the conclusion that the trading instrument is ready to build wave b with the first targets located above the 1.3647 mark, which corresponds to 76.4% Fibonacci retracement.
The material has been provided by InstaForex Company – www.instaforex.com
Analysis of wave counting:
Starting Friday’s trading with the upward movement, the GBP/USD pair, however, could not overcome the level of the 36th figure and completed the day at 1.3540. It can be assumed that the currency pair has made another attempt to complete wave a and go to the stage of formation of the future wave b, in c, in b, in B, in C, in C, in (A). At the same time, the currency pair still retained the potential for resuming the decline in quotations to 1.3400 level and further complicating the internal wave structure of wave a, in c, in b, in B, in C, in C, in (A).
Targets for buying:
1.3647 – 76.4% by Fibonacci
1.3700
Targets for selling:
1.3414 – 127.2% by Fibonacci
1.3400
General conclusions and trading recommendations:
The trading instrument significantly complicates the wave structure of the wave a, c, b, B, C, C, (A). Thus,it is now recommended that you remain in selling with targets that are around 1.3414, which corresponds to 127.2% of Fibonacci, and below about 34 figures. An unsuccessful attempt to break through the 1.3414 mark will lead to the conclusion that the trading instrument is ready to build wave b with the first targets located above the 1.3647 mark, which corresponds to 76.4% Fibonacci retracement.
The material has been provided by InstaForex Company – www.instaforex.com
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