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Exchange Rates 09.02.2018 analysis

Analysis of wave counting:

Having failed to continue the downward movement, which was outlined on the previous day, in the middle of yesterday's trading, the GBP / USD pair added more than 200 percentage points in price and reached the level of 1.4065 in the afternoon. The current wave situation allows us to assume that the currency pair remained in the stage of formation of somewhat more complicated wave structure of wave b, 4, 5, a, B, C, C, (A). If this is the case, then in the development of the wave c, 4, 5, a, B, C, C, (A), the currency pair can resume the decline of quotations in the direction of the 37th figure, or even to the mark of 1.3550.

The objectives for building a downward wave:

1.3823 - 50.0% of Fibonacci

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, but the entire wave counting of the instrument is not entirely unambiguous now. The wave 3, 5, a, B, C, C, (A) is supposedly completed. The assumed wave 4 can continue its construction with targets located near the calculated marks of 1.3823 and 1.3700, which corresponds to 50.0% and 61.8% of Fibonacci.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Performed by Chin Zhao,
Analytical expert
InstaForex Group © 2007-2020
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