Analysis of wave counting:
Only after the decline to the level of 1.2850 did the GBP/USD pair make another attempt to resume the upward movement and finished the day with breakdown of the region of 1.2930. At the same time, as a result of this decrease, wave b, in b, in the composition of the downward correction, which was developed from the highs of the beginning of the month, once again took a completely completed form. If this is so, then already indicated growth of quotations may turn out to be the beginning of wave c, in b, whose calculated targets are located in the range between 1.3020-1.3080.
Objectives for a downward wave option:
1.2789 - 76.4% by Fibonacci
1.2714 - 100.0% by Fibonacci
Objectives for an upward wave option:
1.2962 - 38.2% by Fibonacci
1.3020 - 50.0% by 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 three-wave downward structure. After its completion, it is expected to resume the decline in quotes within the wave with targets below the 28 figures.
