Analysis of wave counting:
In general, it is expected that yesterday's GBP / USD pair trades began with a slowly developing downward movement and reached the level of 1.2955 by the end of the day. Thus, it can be assumed that the currency pair remained in the stage of formation of wave b, as part of a downward corrective structure, originating from the maximum on August 3 (1.3270). If this is the case, the currency pair retained the potential, allowing it to resume the decline in quotes towards the level of the 28th figure.
The objectives for the construction of a downward wave:
1.2835 - 61.8% by Fibonacci
1.2789 - 76.4% by Fibonacci
Goals for building an upward wave:
1.3000 - 1.3100
General conclusions and trading recommendations:
The British currency has completed the construction of wave 3 or C of the upward trend section. In this case, the internal wave structure of this wave may require the introduction of adjustments. The last section of the trend is similar to the three-wave correction structure a-b-c. If this is the case, then after a small withdrawal of quotes upwards within the wave b, the decline will resume with the targets near the calculated marks of 1.2835 and 1.2789, which corresponds to 61.8% and 76.4% of Fibonacci.
