Analysis of wave counting:
An attempt to develop any significant downward movement during yesterday's trading was not successful, and after reaching 1.2880, the pair GBP / USD returned to the opening levels of the day. At the same time, as a result of such a decrease, the wave b, b, in the composition of the downward correction, which developed from the highs of the beginning of the month, took a completely completed form. If this is the case, then during the formation of the wave c, b, the currency pair will resume the growth of quotations and at least fulfill the level of the 30th figure.
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.
