Analysis of wave counting:
Given the low activity of yesterday's trading, the pair GBP / USD was unable to continue the development of the upward movement and slid to the level of 1.2910 until the end of the day. It can be assumed that despite this decline, the currency pair remained in the stage of forming the wave c, b, as part of a downward correction, developed from the August high, which retained the elements of incompleteness by the close of the American session. If this is the case, the currency pair retained the potential, allowing it to resume the growth of quotations in the direction of 1.3020 or even 1.3080.
The objectives for the construction of the downward wave:
1.2789 - 76.4% of Fibonacci
1.2714 - 100.0% of Fibonacci
Goals for building the upward wave:
1.3020 - 50.0% of Fibonacci
1.3080 - 61.8% 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 targets near the estimated levels of 1.3020 and 1.3080, which corresponds to 50.0% and 61.8% of Fibonacci, within wave b as part of a 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.
