Analysis of wave counting:
Yesterday's GBP / USD trading began with a decline and dropped to 1.3050 before the end of the day. In this case, despite this downward movement, it seems that the currency pair remained in the forming stage of a more complicated form of the 3rd wave, in the 5th, and in the 3rd, or C. If this is the case, the currency pair retained the potential to resume the growth of quotations to the level of the 32nd figure, with an intermediate target around the mark of 1.3150.
Objectives for a downward wave option:
1.2900 - 1.3000
Objectives for an upward wave option:
1.3148 - 76.4% by Fibonacci
1.3200
General conclusions and trading recommendations:
The British currency has undergone making adjustments to wave counting. At the moment, the quotations are expected to increase within wave 5, 3, or C, with targets near the mark of 1.3148, which corresponds to 76.4% of Fibonacci, and above about 32 figures. Within the limits of the correctional wave 4, 5, 3 or C, it is possible to withdraw quotations from the reached maximum to the area of figure 30.
