Analysis of wave counting:
On the whole, it is expected that the GBP / USD pair began with a downward movement on the Friday European session and fell back to the level of 1.3450 at the end of the day. At the same time, it can be assumed that the currency pair still remained in the formative stage of taking the increasingly complex form of the 4th wave, 5th, 5th, 3rd (or C). If this is so, then, before resuming the growth of quotations and marking the beginning of the future 5th wave, 5th, 5th, and 3rd (or C), the currency pair may continue to decline down to the level of 1.3325.
Targets for the downward wave option:
1.3437 - 23.6% of Fibonacci
1.3325 - 38.2% of Fibonacci
Targets for an upward wave option:
1.3599 - 423.6% of Fibonacci
1.3700
General conclusions and trading recommendations:
Wave counting has suffered some changes in connection with the breakdown of the mark of 1.3270. Increasing quotations may be resumed with the targets located around the estimated level of 1.3599, which corresponds to 423.6% of Fibonacci and above about 37 figures, within 5, 5, 5, 3 (or C). Within the framework of the correction wave 4, the decline may continue with the targets near the marks of 1.3437 and 1.3325, which corresponds to 23.6% and 38.2% of Fibonacci.
