Analysis of wave counting:
Having started the trading last week with a downward movement, the pair GBP / USD lost about 180 percentage points and already reached the level of 1.2930 on Thursday. At the same time, it can be assumed that, despite such a decline, the currency pair continued to be in the formation stage of the increasingly complex form of the 5th wave, in the 3rd (or C), as part of the new rising trend section, which was developed from the minimum of January 16 (1,1985). If so, the currency pair retained the potential for the resumption of the growth of quotations in the direction of the mark of 1.3260-1.3275.
Objectives of a downward wave option:
1.2600 - 1.2700
Objectives for an upward wave option:
1.3273 - 161.8% by Fibonacci
General conclusions and trading recommendations:
The pound sterling continues to build a long upward correction. This week, the quotations are expected to increase within wave 5, at 3 or C, with targets near the mark of 1.3273, which corresponds to 161.8% of Fibonacci. The upward corridor preserves the prospects for building an uptrend section of the trend. An unsuccessful attempt to breach the mark of 1.3273 may lead to the completion of wave 3 or C. The divergence of the MACD also warns of the tool's readiness to decline.
