Analysis of wave counting:
The pair GBP / USD started trading with the continuation of the downward movement, having lost more than 90 pp and reached the level of 1.3025 at the end of the day. Thus, it seems that the currency pair remained in the formative stage of taking a strongly extended form of the wave c, a, in the 4th, in which its inner 5th wave is nearing its completion. If this is the case, then from the low of the last day of the past week or after the price falls to the level of 1.2980, the currency pair will still execute the turn, denoting thereby the beginning of wave b, in the supposed 4th.
The objectives for the construction of the downward wave:
1,2981 - 300,0% of Fibonacci
1,2882 - 50,0% of Fibonacci
Goals for the construction of the upward wave:
1.3186 - 200.0% of Fibonacci
1.3291 - 23.6% of Fibonacci
General conclusions and trading recommendations:
The downward wave 4 continues to build in the uptrend section of the trend. Now, it is possible to continue the decline of quotations with targets near the estimated levels of 1.2981 and 1.2882, which corresponds to 300.0% and 50.0% of Fibonacci, within the wave a, 4. Within the corrective wave b, 4 may begin to rise with targets near the mark of 1.3291, which corresponds to 23.6% of Fibonacci. An unsuccessful attempt to break through the 1.2981 mark may lead to the withdrawal of quotations from the minimum reached.
