empty
01.02.2023 07:40 AM
Analysis of GBP/USD on February 1. GBP tries to form downward wave

This image is no longer relevant

The wave structure of the pound/dollar pair is quite complicated at the moment. It slightly differs from the wave structure of the euro/dollar pair. A 5-wave upward section, which is presented as a-b-c-d-e, seems to be finished. I suppose that a downward section has started its formation. It contains at least three waves, but wave b is too long and could disappear soon. If the quote continues to rise, wave b could hardly be called an upward one, whereas the whole wave structure will need revision. Nevertheless, I still expect the formation of wave c. If the current wave structure is correct, the trading instrument may drop by 500-600 pips to 1.1508, which corresponds to the 50.0% Fibonacci level. A peak of wave b is not exceeding a peak of wave c at the moment. Thus, the current wave structure looks complete. Wave c could be formed because of the pair's drop from the recent highs.

GBP is in a risk zone. This week, it may avoid falling

On Tuesday, the pound/dollar pair declined by 30 pips. However, the general movement remained flat. Very soon, traders will receive a bulk of important information. Tomorrow, the BoE will finish its meeting, which may lead to any results. Later today, the Fed will also announce its rate decision. The fact is that Jerome Powell may change his rhetoric. Traders understood long ago that the Fed is approaching the moment when it will stop the monetary policy tightening. Thus, if the Fed Chair announces that in March, the key rate hike will stop, this will hardly shock the market. In recent months, the US dollar has dropped. Notably, a more dovish approach of the Fed may spur a deeper decline in the currency. That is why I think that any result of the FOMC meeting will allow the pound sterling to finish the upward section of the trend and correctional wave b. In this light, the asset will continue falling. However, the BoE's decision may also affect the situation. The UK inflation remains high. That is why the regulator may remain stuck to its hawkish stance. The US manufacturing PMI from ISM may continue to slide. In the event of this, demand for the greenback is unlikely to mount. In other words, the news flow continues to contradict the wave analysis.

This image is no longer relevant

Conclusion

According to the wave analysis of the pound/dollar pair, we may see a formation of a new downward section of the trend. Under the current conditions, traders may sell the asset with the targets located around 1.1508, the 50.0% Fibonacci level. A stop-loss order could be placed above the peaks of waves e and b. The upward section of the trend could become longer, but it seems to be finished. Sellers should be cautious since the pound sterling has every chance to jump.

On the bigger time frame, the wave structure is almost the same as of the euro/dollar pair. However, there are some obvious differences. By the moment, the pair has formed the upward correctional section of the trend. If it is true, the downward section will add at least 3 waves, thus allowing the price to fall to figure 15.

Chin Zhao,
Analytical expert of InstaForex
© 2007-2025
选择时间框架
5
分钟
15
分钟
30
分钟
1
小时
4
小时
1
1
通过InstaForex赚取加密货币汇率变动的收益。
下载MetaTrader 4并开启您的第一笔交易。
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

推荐文章

2025年6月11日歐元/美元分析

在4小時圖上,EUR/USD的波浪結構已轉變為看漲形態,並持續保持這一形態。我相信,這種轉變完全是由於新的美國貿易政策導致的。

Chin Zhao 19:00 2025-06-11 UTC+2

2025年6月11日英鎊/美元分析

英鎊/美元的波浪結構仍然顯示出多頭沖擊波模式的形成。波浪結構與歐元/美元幾乎相同。

Chin Zhao 18:51 2025-06-11 UTC+2

2025年6月9日英鎊/美元分析

對於GBP/USD的貨幣對,浪型模式繼續顯示出上升的衝動波結構。浪型模式與EUR/USD的模式非常相似。

Chin Zhao 20:16 2025-06-09 UTC+2

2025年6月9日歐元/美元分析

在4小時的EUR/USD圖表上,波浪結構已經轉變為向上的形式,並繼續保持這一結構。我認為,這一轉變完全是由於新的美國貿易政策而發生的,毫無疑問。

Chin Zhao 20:09 2025-06-09 UTC+2

2025年6月5日歐元/美元分析

在 4 小時圖上,歐元/美元的波動模式已轉變為一種上升結構並繼續維持這種形式。我相信毫無疑問,這一轉變完全是由於美國新貿易政策的緣故。

Chin Zhao 20:03 2025-06-05 UTC+2

2025年6月4日英鎊/美元分析

英鎊/美元的波浪模式持續顯示形成上升衝動波結構的跡象。這種波浪圖幾乎與歐元/美元的情況相同。

Chin Zhao 18:48 2025-06-04 UTC+2

2025年6月3日歐元/美元分析

在4小時圖上,EUR/USD 的波動形態已經轉變為向上結構並保持這種狀態。我認為毫無疑問,這種轉變完全是由於美國新貿易政策所致。

Chin Zhao 19:38 2025-06-03 UTC+2

2025年6月3日英鎊/美元分析

英鎊/美元的波浪結構繼續顯示出上升衝擊波形態的發展。這波形態幾乎與歐元/美元對相同。

Chin Zhao 19:32 2025-06-03 UTC+2

2025年6月2日的歐元/美元分析

在4小時圖上,歐元兌美元的波浪結構已轉變為看漲形態,並繼續保持該形態。我認為這一轉變毫無疑問是由於新的美國貿易政策所引起的。

Chin Zhao 19:07 2025-06-02 UTC+2

2025年6月2日英鎊/美元分析

英鎊/美元的波浪結構持續顯示出一個看漲的衝動波浪模式。此波浪模式與歐元/美元的走勢非常相似。

Chin Zhao 19:05 2025-06-02 UTC+2
现在无法通话?
提出您的问题,用 在线帮助.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.