Analysis of wave counting:
Before the expected downward movement began, at the beginning of yesterday's European session, the GBP / USD pair fulfilled the mark of 1.2975 and only after that it was able to roll back to 70 pp from the reached maximum. At the same time, we can assume that having completed wave a, the currency pair has already designated the beginning of wave b, b, as part of a downward correction which was developed from the highs of the beginning of the month. If this is the case, then before resuming the growth of quotations to around 1.3020, the currency pair will continue to lower the price down to the level of 1.2850.
The objectives for building the downward wave:
1.2789 - 76.4% of Fibonacci
1.2714 - 100.0% 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 the 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.
