Analysis of wave counting:
Having failed to gain a foothold over the level of the 35th figure, at the beginning of yesterday's European session, the GBP / USD pair resumed the decline, losing about 100 pp and in the afternoon fell to 1.3410. At the same time, it can be assumed that the currency pair still completed the formation of the 4th wave, 5th, 5th, 3rd (or C), in which its internal wave did not take a somewhat longer form. If this is the case, then from the low of the past day or from the 1.3325 mark, the currency pair will resume the growth of quotes, indicating the beginning of the future 5th wave, 5th, 5th, 3rd (or C ).
Targets for a 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. An unsuccessful attempt to break the 1.3437 mark may lead to the completion of wave 4.
