Analysis of wave counting:
Without testing the level of the 33rd figure, at the beginning of yesterday's European session, the GBP / USD pair resumed the decline of quotes, having lost more than 110 pp and worked the mark of 1.3150 at the end of the day. At the same time, it can be assumed that the currency pair remained in the formative stage of an incomplete horizontal correction of the internal wave structure of wave b, 4th. If this is so, then the completion of this wave b, 4th, will lead to the resumption of the development of the downward movement, which in turn, will designate the beginning of the future wave c, 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 reduce 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 wave d, b, 4. Within the proposed wave e, b, 4, it is possible to raise with targets, located near the mark of 1.3291, which is equal to 23.6% of Fibonacci.
