Analysis of wave counting:
The attempt to continue the downward movement was not successful and after the breakdown of the level of the 31st figure, the price of the GBP / USD pair rebounded by more than 100 pp from the minimum reached at the beginning of the Friday European session. It can be assumed that despite the uncertainty, the currency pair remained in the stage of formation of the future wave c, in the 4th, in which its internal wave b acquired signs of an oblique correction structure. If this is the case, the currency pair has retained the potential to resume the decline of quotations in the direction of the level of the 30th figure, corresponding to the first calculated targets for wave c, in the 4th.
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 continue the decline of quotations with targets near the calculated marks of 1.3065 and 1.2882, which corresponds to 38.2% and 50.0% of Fibonacci, within the limits of wave c, 4. The correction wave b, 4, presumably, is completed. The MACD convergence warns about the readiness of the tool to increase.
