Analysis of wave counting:
Having started yesterday's trading with the continuation of a downward movement, the pair GBP / USD was able to work out the mark of 1.3365 by the opening of the European session. Thus, it seems that the currency pair still remained in the stage of formation of a looking highly elongated wave e, 4th, 5th, 5th, 3rd (or C). If this is so, then the achievement by the currency pair of the calculated target corresponding to 1.3325 will lead, most likely, to the resumption of the growth of quotations and will thus mark the beginning of the future 5th wave, 5th, 5th, 3rd (or C).
The objectives for building the downward wave:
1.3325 - 38.2% of Fibonacci
1.3235 - 50.0% of Fibonacci
Aims for building the upward wave:
1.3599 - 423.6% of Fibonacci
1.3700
General conclusions and trading recommendations:
The assumed wave 3 or C continues its construction. 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 continues with the targets near the marks of 1.3325 and 1.3235, which corresponds to 38.2% and 50.0% of Fibonacci. An unsuccessful attempt to breach the 1.3325 mark may lead to the completion of wave 4.
