Analysis of wave counting:
At the beginning of yesterday's European session, the GBP / USD pair resumed the upward movement, adding about 150 pp in price and managed to work the level of 1.3040 at the end of the day. At the same time, it can be assumed that the currency pair continued to form an increasingly complex form of wave c, b, as part of a downward correction, which developed from the August maximum. If this is so, then the internal wave dimension of this wave c, b allows the currency pair to continue the growth of quotations to around 1.3080 or even to 1.3150.
The objectives for building the downward wave:
1,2789 - 76.4% of Fibonacci
1.2714 - 100.0% of Fibonacci
Goals for building the upward wave:
1.3080 - 61.8% of Fibonacci
1.3151 - 76.4% 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 1.3080 and 1.3151, which corresponds to 61.8% and 76.4% of Fibonacci, within wave b as part of the 3-wave downward structure. After its completion, it is expected that the quotations will resume falling within the wave c range with targets below 28 figures.
