Analysis of wave counting:
In general, it is expected that during the yesterday's trading, the pair GBP / USD continued to develop an upward movement and it was able to work out the mark of 1,2980 in the middle of the day. The resulting wave situation allows us to assume that the currency pair remained in the stage of formation of the waves b, b, C, and (C); which can also take a much more complicated form. At the same time, it should be noted that there are no significant obstacles to the resumption of the growth of quotations and the confirmation by the currency pair of the beginning of the formation of the waves c, b, C, and (C).
Objectives for a downward wave option:
1,2883 – 23.6% by Fibonacci
1,2784 – 38.2% by Fibonacci
Objectives for an upward wave option:
1,3027 – 261.8% by Fibonacci
1,3100 – 1,3200
General conclusions and trading recommendations:
The British currency completed the construction of the waves a, C, and (C). At the moment, the quotations are expected to decrease within the limits of waves b, b, C, and (C); with targets located near the marks of 1,2883 and 1,2784, which corresponds to 23.6% and 38.2% by Fibonacci. After the completion of this wave, it is possible to resume the increase in quotations within the waves c, b, C, and (C) with targets above 31 figures.
