Analysis of wave counting:
Last Thursday, the GBP/USD pair began with a downward movement and, lost about 200 pp in price. On Friday, it again broke through the level of the 31st figure. At the same time, it can be assumed that the currency pair has attempted to confirm the completion of wave b and to designate the beginning of wave c, in the 4th. If this is so, wave b, in the 4th, will not become even more complicated for its wave structure, then the currency pair may have good prospects for a decline in prices up to the level of 1.2880.
Objectives for a downward wave option:
1.3065 - 38.2% by Fibonacci
1.2882 - 50.0% by Fibonacci
Objectives for an upward wave option:
1.3291 - 23.6% by Fibonacci
General conclusions and trading recommendations:
The sterling pound continues to build a downward set of waves in the composition of four. This week, the quotations are expected to decrease within the wave C, to 4 upward sections of the trend with targets located near the estimated marks of 1.3065 and 1.2882, which corresponds to 38.2% and 50.00% Fibonacci. The upward movement still retains the prospects for building an uptrend. Wave b, in 4, supposedly completed its construction.
