Analysis of wave counting:
Yesterday, the GBP / USD pair traded in the range, remaining mainly between the level of the 32nd figure and the mark of 1.3140 until the end of the day. It can be assumed that the currency pair was still in the stage of formation of the first generating waves in the future wave c, in the 4th. If this is so, wave b, in the 4th will not further complicate its wave structure, then the currency pair may resume the decline of quotations towards the level of 1.3000.
The objectives for building the downward wave:
1.3065 - 38.2% of Fibonacci
1.2882 - 50.0% of Fibonacci
The objectives for building an upward wave:
1.3291 - 23.6% of Fibonacci
1.3400
General conclusions and trading recommendations:
The downward wave 4 continues to build in the upward trend section. It is now possible to resume the decline of quotations with targets near the estimated levels of 1.3065 and 1.2882, which corresponds to 38.2% and 50.0% of Fibonacci, within the limits of wave c, 4. Within the corrective wave b, 4, the increase in quotations can still resume with targets above 1.3291, which corresponds to 23.6% of Fibonacci, about 34 figures, but the wave now looks completely completed.
