Analysis of wave counting:
Yesterday, the attempt by the GBP / USD pair to continue the downward movement ended in failure and the subsequent price return to the opening levels of the day. It can be assumed that the currency pair remained in the formation stage of the wave a, b, b, C, c (C); which considerably complicated its wave structure. At the same time, a fairly strong divergence of MACD indicates the possibility of resuming the growth of quotations from the already reached minimum and the beginning of the formation of the wave c, b, C, (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 has completed the construction of the wave a, C, (C). At the moment, the quotations are expected to decrease within the limits of wave b, b, C, (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 wave c, b, C, (C) with targets above 31 figures.
