Analysis of wave counting:
In the conditions of low activity of yesterday's trading, the pair GBP / USD conducted in the range with a maximum amplitude of price changes of about 50 pp. At the same time, it seems that the currency pair remained in the stage of formation of wave a, in the supposed 4th, continuing to make attempts to complete its internal wave. If this is the case, the currency pair can still begin a long upward correction and designate the beginning of wave b, in the 4th, or from the current price values, or after working off the settlement target located at the 1.3185 mark.
The objectives for building the downward wave:
1.3186 - 200.0% of Fibonacci
1.3062 - 38.2% of Fibonacci
Aims for building the upward wave:
1.3480 - 11.4% of Fibonacci
General conclusions and trading recommendations:
The proposed wave 3 or C has completed its construction. Now it is possible to lower the quotations with the targets near the calculated marks of 1.3186 and 1.3062, which corresponds to 200.0% and 38.2% of Fibonacci, within the wave a, 4. Within the corrective wave b, 4 can begin raising with the targets, which are near the mark of 1.3480, which corresponds to 11.4% of Fibonacci. An unsuccessful attempt to break the 1.3186 mark may lead to the construction of a corrective wave.
