Wave analysis of the GBP/USD pair for October 11, 2013
October 11, 2013 9:15 am
Wave analysis:
It looks like, the yesterday’s retreat from the level 1.5915, the GBP/USD pair has completed formation of the five-wave structure of the assumed third wave, or c, in terms of downward correction which started its development from the highs of October 1-2. Thus, the currency pair has a chance to resume upward movement towards the level of figure 63. At the same time, if the US dollar continues consolidating, then the price may drop to the level of 1.5845 and even to 1.5745.
Targets for down wave (probably 5):
1.5846 – 50.0% of Fibonacci
1.5747 – 61.8% of Fibonacci
Targets for up wave:
1.6067 – 23.6% of Fibonacci
1.6169 – 11.4% of Fibonacci
Summary and trading recommendations:
The British pound has completed building of upward trend channel and continues building of a new one. The decline of the quotes continues with targets placed near the levels of 1.5846 and 1.5747, which is corresponding to 50.0% and 61.8% of Fibonacci. In terms of upward wave, the currency pair may start rising with targets placed near 1.6067 and 1.6169, which is corresponding to 23.6% and 11.4% of Fibonacci. The downward trend channel, which started forming after October 2, may transform into five-wave. If this assumption is correct, from the current positions or even higher, building of down wave 5 starts.
The material has been provided by InstaForex Company – www.instaforex.com
Wave analysis:
It looks like, the yesterday’s retreat from the level 1.5915, the GBP/USD pair has completed formation of the five-wave structure of the assumed third wave, or c, in terms of downward correction which started its development from the highs of October 1-2. Thus, the currency pair has a chance to resume upward movement towards the level of figure 63. At the same time, if the US dollar continues consolidating, then the price may drop to the level of 1.5845 and even to 1.5745.
Targets for down wave (probably 5):
1.5846 – 50.0% of Fibonacci
1.5747 – 61.8% of Fibonacci
Targets for up wave:
1.6067 – 23.6% of Fibonacci
1.6169 – 11.4% of Fibonacci
Summary and trading recommendations:
The British pound has completed building of upward trend channel and continues building of a new one. The decline of the quotes continues with targets placed near the levels of 1.5846 and 1.5747, which is corresponding to 50.0% and 61.8% of Fibonacci. In terms of upward wave, the currency pair may start rising with targets placed near 1.6067 and 1.6169, which is corresponding to 23.6% and 11.4% of Fibonacci. The downward trend channel, which started forming after October 2, may transform into five-wave. If this assumption is correct, from the current positions or even higher, building of down wave 5 starts.
The material has been provided by InstaForex Company – www.instaforex.com
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