Analysis of wave counting:
In general, it is expected that at the beginning of yesterday's trading in Europe, the pair GBP / USD continued moving upwards and has reached the level of 1.2940 at the end of the day. In this case, the internal wave structure of the wave a, b, in the composition of the lowering correction, which was developed from the highs of the beginning of the month, took a completely completed form. If so, then from the high of the past day, the currency pair may begin to decline quotes and go to the stage of formation of the wave b, b with the prospect of a price fall below the mark of 1.2850.
The objectives for building the downward wave:
1.2789 - 76.4% of Fibonacci
1.2714 - 100.0% of Fibonacci
Goals for the construction of the upward wave:
1.2962 - 38.2% of Fibonacci
1.3020 - 50.0% of Fibonacci
General conclusions and trading recommendations:
The British currency continues to build a downward set of waves. The increase in quotations may continue with the targets near the estimated levels of 1.2962 and 1.3020, which corresponds to 38.2% and 50.0% of Fibonacci, within wave b as part of the 3-wave downward structure. After its completion, it is expected to resume the decline in quotes within the wave c with targets below 28 figures.
