Analysis of wave counting:
Yesterday, the currency pair GBP / USD traded within a fairly narrow range with a maximum amplitude of price changes of about 40 percentage points. At the same time, it looks like that until the end of the day the currency pair remained in the stage of forming the 2nd wave, 3rd, 5th, 3rd or C. If this is the case, then, before resuming the growth of quotations, the currency pair will continue to decline in the direction of the marks of 1.2970 - 1.2950.
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 again undergone adjustments to wave counting. At the moment, the quotations are expected to increase within wave 3, 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 framework of the corrective wave 2, 3, 5, 3 or C, the quotes can move away from the reached maximum to the area of figure 30.
